Average maximal interest rate on ruble deposits rose to 6.13% in late November – Central Bank of Russia

TASS Russian News Agency | Dec 4, 2019 at 12:51 PM

MOSCOW, December 4. /TASS/. The average maximal interest rate on ruble deposits with the ten Russian credit institutions having the maximal amount of private deposits increased to 6.13% from November 20 to 30, 2019 versus the prior ten-day period, the Central Bank of Russia said on Wednesday.

For comparison, the rate was 6.03% in mid-November and 6.17% in early November, the regulator said.

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.