Izvestia reported that banks sold 40 percent of shares and bonds under the guise of deposits.

More than one third – 40% of the stock and bond sales in banks are made under the guise of deposits. About author Izvestia cites a study of the Association for the Advancement of Financial Literacy (ARFG), which refers to cases of unfair sales when banks sell financial products in 12 Russian cities.

It was noted that after the sharp increase in the key interest rate, credit institutions started offering deposits to customers at an annual rate of 20% in March. But the yield on deposits began to decline rapidly after the Central Bank of Russia began lowering the key rate. As a result, even the promised average return is now approaching 7%, which is more than half of the current inflation rate.

According to ARFG, 40% of stock and bond sales were made under the guise of deposits. Banks do not mention that profitability is not guaranteed in this case. Customers expect to receive the profitability described by the manager, likened to interest on deposits, but are surprised to see a lower amount in the account than it was originally.

On July 22, the Central Bank of Russia sharply lowered key rate – 1.5 percentage points immediately, up to 8% per year.

On the eve of the Ministry of Economic Development of Russia reportedFrom July 16 to July 22, inflation in Russia fell to 15.3% on an annual basis.

Source: Gazeta


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