The rise in interest rates encourages banks to launch pre-Christmas offers on deposits and savings accounts. This opinion was expressed by Gennady Chausov, head of Post Bank’s liability and commission products service, in an interview with socialbites.ca.
“This will be especially attractive and in demand for customers on the eve of the holidays. We will be able to see such offers on the market in November. You can expect the rate to reach 14-15% annually. We can also expect an increase in deposit and loan interest rates in response to another increase in the key interest rate. However, the increase will not be as sharp and proportional as an interest rate increase. “A strong increase in loan interest rates could slow down loans to the public,” he said.
The Central Bank of the Russian Federation on Friday raised the interest rate by 2 percentage points to 15% annually for the fourth consecutive year. The increase cycle began on July 21. First, the interest rate was increased by 1 percentage point. Up to 8.5%, then immediately up 3.5 points. up to 12% in extraordinary meeting. On September 15, the regulator raised the rate to 13%.
As a rule, Russian banks rely on the decisions of the regulator when determining the level of interest rates on deposits and loans. Candidate of Economic Sciences, stock market expert at BCS World of Investments Mikhail Zeltser explained “socialbites.ca” says that when the interest rate increases, for example, by 1 percentage point, credit institutions also increase interest on deposits and loans by about 1 percentage point. For example, immediately after the decision of the Central Bank on September 15, interest rates on deposits in Russian banks instantly increased by 0.5-1 point to 11-12.97%.
Previously “socialbites.ca” saidWhat can Russians expect from a new interest rate hike?