Several large Russian banks have begun trimming interest rates on deposits and savings accounts. Readers might have noticed this in various news outlets. The latest figures show that yields on short-term deposits fell by 0.2 to 0.7 percentage points, signaling a shift in the savings landscape.
Conditions at at least four major credit institutions have deteriorated over the past two weeks. Despite the Central Bank maintaining a key rate of 16 percent, officials have signaled that the most aggressive tightening phase is behind them. Market watchers expect the main rate to ease to the 12 to 13 percent range in the second half of the year, with corresponding adjustments in bank lending and deposit rates alike.
According to a comparison service, deposit rates declined by 0.2 to 0.7 percentage points within a week, with the most noticeable impact on mid-term products like 3- to 6-month deposits. Long-term deposit yields have not fallen as sharply, though the trend is clear. Banks cited as having softened conditions include MKB, Home Bank, Rosbank, and Renaissance Bank.
Analysts argue that the rate cuts reflect the Central Bank’s ongoing effort to ease monetary policy gradually. One observer, Evan Golovanov, suggests that the policy rate could fall below 14 percent as the cycle progresses. He also advises investors to watch for opportunities in OFZs and currency instruments as the ruble stabilizes.
Russians are being advised to reconsider bank deposit strategies in light of these shifts, with emphasis on aligning investment choices to evolving policy and market conditions. The broader takeaway is a cautious approach to yielding assets as monetary policy normalizes and financial institutions adjust to the new rate environment.
Analysts also point to potential ruble strengthening in the coming months, which could influence deposit and savings dynamics as exchange rates respond to policy moves and external factors. Overall, the current landscape suggests a gradual return to more balanced rate levels and more nuanced terms offered by banks across the country.