What will happen with interest rates on deposits after saving the key rate of the Central Bank – RBC

Photo: Yekaterina Kuzmina / RBC

CB the first in this year’s planned meeting on the key rate has left it on the same level – 11%. How will this affect deposit rates?

The key rate to 11% effective from 31 July 2015. Central Bank did not change its four board meetings at the rate including today. The main reason for such a decision, as stated in the report of the Bank of Russia, is associated with increased inflationary risks. “Against the background of the new wave of decline in oil prices monthly consumer price growth has stabilized at a high level”, – the report says the Central Bank.

According to the head of the marketing strategy and research VTB24 Dmitry Lepetikova, the Central Bank decision to leave the key rate unchanged It can be explained by the unstable situation in the foreign exchange market as well as the fact that the situation with inflation and the balance of payments is now quite stable. Therefore, he said, the Bank of Russia is behaving very carefully, providing the financial system to adapt itself to the current events.

According to the head of the center of deposit products Binbanka Natalia Menchov on deposit rates, this will not influence the decision. “The key rate has not changed. In addition, banks are more focused on the market situation – the current level of interest rates in the market “, – she says.

From the data of the 15 largest banks in terms of deposits, the average rate on annual deposits now stands at 9.8%. Reduced rates observed in the first half of 2015 has practically stopped. C December 11 to January 13, 2016 the banks slightly reduced rates on short-term deposits on one – three months. The average rate on dollar deposits is now at the level of 2,12%.

Head of non-credit products and services of remote ICD Natalia Rosenberg says that today in the deposit market is no significant change. “We have the point adjustment rates by banks on the basis of their domestic needs in maintaining a level of liquidity,” – she says. Masovogo change in yield on deposits can only be caused by a change in the key rate, or base level of return of deposits, which are oriented banks, to determine the maximum rates on deposits. In January, according to the Central Bank for this level of annual deposits amounted to 11.268% per annum, in February it slightly higher – 11.51%. According to Rosenberg, the IBC has no plans to adjust rates and leave them at the same level.

At the same time, the chief expert of the “Interfax-CEA” Alex Buzdalin believes that the interest rates on deposits can grow – banks can actively attract customers in the current unstable situation. “Bids and on the ruble, and on foreign currency deposits will grow. In a situation of strong fluctuations in the dollar, banks must offer their customers additional incentives to carry money on deposit “, – he said.

In December 2014 the Bank of Russia due to a sharp rise in inflation against the background of the devaluation of the ruble has decided to urgently to raise the rate to 17%. Following this, banks have sharply raised interest rates on deposits. The maximum rate on ruble deposits reached 25% in US dollars and the euro – 12%.