Russian banks increased rates on short-term deposits to 13 percent

At the beginning of autumn, Russian banks again focused on increasing rates on short-term deposits; now this type of deposit is the most profitable. This was stated by the head of the SRO “Regional Association of Appraisers” Kirill Kulakov, his words were quoted by Prime.

In the first ten days of September, he noted, the average yield on such banking products exceeded 13 percent, which is comparable to the current level of the key rate (14 percent).

Such dynamics, the analyst explained, are recorded against the backdrop of a liquidity shortage and a massive outflow of client funds. In order to prevent the situation from deteriorating even further, the expert explained, banks began to lure Russians with high rates on short-term deposits. “Increasing deposit rates is a way to cope with banks’ liquidity shortage,” Kulakov concluded.