MOSCOW, July 26 Banks in Russia, after raising the key rate of the Central Bank of the Russian Federation to 18%, plan to revise upward the rates on their products, including banks , which raised rates on deposits and savings accounts in advance, credit institutions reported.
On Friday, the Bank of Russia raised its key rate for the first time this year — expectedly by 2 percentage points, to 18% per annum, according to a statement from the regulator. This is the maximum rate since the beginning of April 2022, when it was at 20% per annum. Earlier, it was reported that banks in Russia began to raise rates on deposits and savings accounts without waiting for the Central Bank's decision on July 26.
«VTB does not rule out the possibility of revising the terms of loans. We will make specific decisions taking into account the market actions. In our opinion, further tightening of the Central Bank's monetary policy will further «cool» the retail lending market, demand will slow down,» said the press service of the bank, which has already raised rates on July 23 deposits and savings accounts in rubles.
According to VTB Senior Vice President Dmitry Breitenbicher, whose words are reported by the press service, this increase in the key rate will become a new stage in the growth of rates on savings products. «Key market players are now carefully analyzing the situation and will most likely make a decision on changing the yield at the beginning of next week,» the top manager believes.
«The decision to change rates on savings accounts and credit products is planned to be made next week,» the press service of MTS Bank said. They also recalled that on July 23, the bank decided to increase rates on deposits.
The PSB press service also noted that the bank had raised rates for individuals on deposits to 18% per annum and on savings accounts to 17% in advance. «We are currently assessing the advisability of further changes to rates on credit and savings products,» the bank added.
Deputy Chairman of the Board of «Pochta Bank» Alexey Okhorzin, whose words are reported by the press service of the credit institution, which also raised rates on savings products in advance, said: «However, we do not rule out a further increase in rates on deposits, since the Central Bank also revised the base forecast, which at least indicates the preservation of the current key level (key rate — ed.) until the end of the year.»
Rosbank will improve the terms of deposits following the increase of the Bank of Russia's key rate to 18%, its press service reported. «Starting July 27, our clients will be able to open a «Reliable» deposit with the «Prime» option with a yield of up to 18.5%… For existing and potential clients… together with the financial marketplace Finuslugi, we offer to open a «Reliable Capital» deposit with a rate of up to 19.05%,… if… for the first time on the platform, the rate will be even higher — up to 21%,» the bank said.
Bank «Dom.RF» reported that from July 29 it will increase the yield on the constructor deposit «My Home» «for almost all placement periods», the maximum interest rate of 19% is available when opening a deposit for 12 months.
First Deputy Chairman of the Board of Sberbank Kirill Tsarev, whose words are reported by the press service of the credit institution, believes that raising the key rate to 18% “will certainly allow banks to maintain and improve conditions for savings products.” “The lending market will continue to operate in rather difficult conditions, given the high interest rate and new macroprudential measures of the regulator. However, the need for borrowed funds among citizens will continue. At the same time, the demand will be more targeted and for shorter periods,” he noted.
In turn, Sovcombank announced that it had raised rates on time deposits earlier. “Today, the maximum rate on deposits in the bank reaches 20% per annum,” the bank added.