Income Declines, Falling Below 19% Mark on a Half-yearly Basis
Hey there!
Interest rates take a dip 🔥
The week from June 3 to 9 saw a noticeable drop in one-year deposit rates by 0.37 percentage points, hitting 18.21%. Rates on three-month deposits also dipped, albeit slightly, by 0.22 percentage points, resting at 19.39%. This marks the most significant decrease in deposit rates since late February, according to RIA Novosti reports 📈.
This shift in deposit rates followed the Central Bank (CBR)'s easing of monetary policy, with the key rate dropping from 21% to 20% on June 6 💰.
As per "Finuslugi", the top-tier banks currently offer a maximum rate of 21% for a three-month deposit, with only one bank providing this option. For six-month deposits, the highest yield lies at 20%, and for one-year deposits, it's 20.25%.
Igor Alutin, Senior Managing Director of the Moscow Exchange for Retail Business, Electronic Platforms, and the "Finuslugi" project, believes that the rate adjustment fits banks' expectations but anticipates the continuation of deteriorating deposit conditions. He notes that the new key rate level will expedite this process 📉.
On June 6, the Bank of Russia slashed the key rate for the first time in nearly three years, setting it at 20% per annum 📉. The CBR claimed that current inflationary pressure was decreasing, although it remains high 🔥. CBR Chair Elvira Nabiullina underscored the regulator's intention to maintain a tight monetary policy for an extended period 🔒. As per CBR data, the maximum deposit rate in ten credit organizations attracting the largest volume of individual deposits was 19.39% in the third decade of May 2025 📊.
With these monetary policy adjustments, economists anticipate a gradual decrease in deposit rates as banks readjust their offerings to align with the central bank's policy 📈. However, deposit rates in Russia are expected to remain comparatively high due to economic conditions and the need for banks to offer attractive savings options for consumers 💸.
🔗 ** related tags:** #CBR, #Moscow Exchange, #Deposits
The recent drop in deposit rates by the Central Bank's easing of monetary policy could influence your finance decisions, especially when considering investing in business ventures. Economists predict that a gradual decrease in deposit rates will continue as banks readjust their offerings to align with the central bank's policy, although deposit rates in Russia are expected to remain comparatively high due to economic conditions and the need for banks to offer attractive savings options for consumers.
