After the Central Bank of Russia raised the key rate to 19% per annum, you should not close existing deposits ahead of schedule in order to be able to transfer money on more favorable terms. Such recommendations were given in an interview with RIAMO given Product manager “Deposit” in “Compare” Maria Tatarintseva.
“The current percentage increase in the key interest rate will not cover the costs of early termination of the deposit and loss of interest,” the expert warned.
He also noted that banks often deposit money at high interest rates, which creates additional requirements for activities in other products. For example, you need to make certain monthly expenses on the card or be a salary customer.
Alina Dzhus/socialbites.ca
On September 13, the Central Bank for the second time this year raised Key rate – up 100 basis points immediately, to 19% annually. The regulator explained its decision amid high inflation pressure.
The Central Bank is allowing an interest rate hike at its next meeting on October 25. According to its forecast, considering current monetary policy, annual inflation will fall to 4.0-4.5 percent in 2025 and will remain close to 4 percent in the future.
The central bank raised the interest rate five times in 2023, to 16% annually in December. It was then held at that level four times. On July 26, 2024, the regulator raised the rate from 16% to 18%.
Formerly an economist guess The Central Bank is close to raising the interest rate to 20 percent.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.