Average maximal interest rate on ruble deposits drops to 7.31% in first decade of June – Central Bank of Russia

TASS Russian News Agency | Jun 14, 2019 at 4:18 PM

MOSCOW, June 14. /TASS/. The average maximal interest rate on ruble deposits with the ten Russian credit institutions having the maximal amount of private deposits declined by 0.06% and was equal to 7.31% in the first decade of June 2019 versus the prior decade, the Central Bank of Russia said on Friday.

The rate was at the level of 7.37% in the third decade of May.

Deposit interest rates are monitored by the regulator in Sberbank, Sovcombank, VTB, Raiffeisenbank, Gazprombank, Credit Bank of Moscow, Alfa-Bank, Bank FC Otkritie, Promsvyazbank, and the Russian Agricultural Bank.

The regulator said earlier that it would keep an eye on cases when the bank’s interest rate for ruble deposits is more than 2 percentage points higher than the average one for ten monitored banks. The decision taken by the Central Bank is aimed at reducing the interest risk for banks arising when attracting retail deposits at rates above the market ones and contributes to financial stability of credit institutions, the regulator said.