Business · Markets · 12 hrs ago
Average top deposit rate in Russia rises to 13.09%
The average top rate on ruble deposits reached 13.09% a year at Russia’s 10 largest banks in the final 10 days of October.
It was 13.06% in each of the first two parts of the month, making the latest rise 0.03 percentage points.
On October 23, the Central Bank kept its key rate at 14% for a second meeting in a row.
It said price pressures remained high and inflation expectations were elevated.
The key rate helps shape borrowing costs and the returns banks offer to savers.
Sberbank separately raised the rate on its savings account to 14.5% for the first two months, with extra conditions to keep that rate afterward.
The Central Bank’s next decision is not stated, but the latest figures show deposit rates edging up while its key rate remains unchanged.
The average maximum annual rate on ruble deposits at Russia’s 10 largest banks rose to 13.09% in the third ten-day period of October.
The Bank of Russia reported the figure following its monitoring.
The rate was 13.06% in each of the first two ten-day periods of October.
On October 23, the central bank kept its key rate at 14% a year.
The regulator cited continued price pressure and high inflation expectations for its decision.
- Who
- The Bank of Russia reported the rate, which covers the 10 largest Russian banks by household funds raised.
- What
- The average maximum annual rate on ruble deposits rose to 13.09%.
- When
- The rate was recorded in the third ten-day period of October.
- Where
- Russia.
- Why
- Not stated
This story does not have two clearly opposing sides.
The average maximum deposit rate was 13.06%.
The average maximum deposit rate remained at 13.06%.
The Bank of Russia kept its key rate at 14% a year, citing continued price pressure and high inflation expectations.
Sberbank raised its savings account rate to 14.5% a year for the first two months, with extra conditions to keep that return afterward.
The average maximum deposit rate rose to 13.09%.
Vedomosti reported the Bank of Russia’s monitoring result.
- Average maximum deposit rate
- 13.09% a year
- Comparison rate
- 13.06% in the first and second ten-day periods of October
- Banks covered
- 10 largest Russian banks by household funds raised
- Key rate
- 14% a year, unchanged on October 23
- Sberbank savings account rate
- 14.5% a year for the first two months