The average maximum rate on deposits in the largest banks of the Russian Federation has increased
Quick Look
At the end of September, the average maximum rate on deposits in the ten largest Russian banks increased by 0.05 percentage points, reaching 13.05 percent per annum, despite the Central Bank maintaining the key rate at 14 percent.
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Why It Matters
The Central Bank of the Russian Federation maintained its key rate at 14 percent per annum following its September meeting.
At the end of September, the average maximum rate on deposits in the ten largest Russian banks by volume of attracted deposits increased slightly. This was reported on the website of the Central Bank (CB).
Based on the results of the third ten days of September, the indicator increased by 0.05 percentage points. By the beginning of October, it reached 13.05 percent, the regulator specified.
At the beginning of autumn, the average maximum rate in the top 10 Russian banks exceeded 13 percent for the first time since spring. The growth of the indicator at the end of the month was recorded despite the preservation of the key rate for the first time in a long time. At the end of the September meeting, the leadership of the Central Bank left the level at 14 percent per annum.
Open Questions
- How long will the rate increase in the top 10 banks last?
