Sergei Dubinin, former head of the Central Bank of the Russian Federation, told socialbites.ca that he does not expect a key increase in September 15 and an increase in deposit profitability this fall. “The Russians should consider whether they will need free money for certain expenses in the near future, or they may open a deposit,” he said.
“The current increase in lock rate was necessary to reduce the panic in the market. I don’t think you will need the same in the fall. Country authorities are likely to discuss standards for selling foreign exchange earnings with exporters. Money will begin to flow into the market. Dubinin said that the ruble exchange rate will be fixed between 90-95 rubles per dollar.
According to the former head of the Central Bank, the regulator will have no reason to tighten monetary policy, and Russian banks have already included all possible options in the current rate hike.
On August 15, the Central Bank raised the policy rate by 350 basis points at once to 12% annually. The regulator explained that this is necessary to limit risks to price stability.
socialbites.ca learned that after that already 12 large Russian banks increased the profitability of their deposits. More details our material.
Formerly socialbites.ca saidHow a sharp increase in the key rate will affect the life of Russians.