This is one of the ways to fight inflation
The Bank of Russia wants to achieve a complete ban on the differentiation of interest rates on deposits in credit institutions. It arises when purchasing additional financial services, when Russians are required to deposit “new” money in addition to the “old” ones already placed on the deposit, as well as for other reasons. This was stated on December 20 by the Deputy Chairman of the Central Bank of the Russian Federation Vladimir Chistyukhin at a speech in the State Duma. MK discussed with experts how much banks earn from differentiating depositors and what the Central Bank of the Russian Federation really wants.
It is not yet clear how exactly the Bank of Russia will deal with the behavior of banks that maintain inequality in relations with clients. Vladimir Chistyukhin promised that anti-discrimination measures would not be hidden from the public. The regulator is going to discuss them together with banks and deputies. “We expect to achieve the abolition of discrimination arising in relation to interest rates on deposits, in connection with the introduction of different amounts of deposit, the contribution of“ new ”or“ old ”money, as well as in connection with the acquisition of additional financial products and services by the depositors, – said Deputy Chairman of the Central Bank of the Russian Federation. “These special measures are not a closed list, I think that we, together with the market and the deputies, will think over additional measures.” Earlier, the head of the Bank of Russia Elvira Nabiullina spoke out against the rates on deposits, depending on whether these are new receipts or old savings.
Experts disagreed on whether the regulator would be able to discipline its wards, and there was no unanimity in assessing the goals pursued by the Central Bank of the Russian Federation.
Andrey Vernikov, Head of the Department of Investment Analysis and Training, IG “Univer Capital”:
“It is difficult to determine how much additional money banks earn at differentiated rates, but we can say exactly why the Bank of Russia intends to ban the differentiation of interest rates on deposits in credit institutions. The Bank of Russia is fighting inflation and, perhaps, Friday’s rate hike was not the last. To effectively fight inflation, it is necessary that the salaries of Russians settle on bank deposits, and not warm up the consumer market. Now the situation is such that the majority of Russians have greatly increased inflationary expectations. A third of Russians expect inflation to be above 10% by the end of 2022, and the current rates on ruble deposits do not correspond to these expectations. Annual deposits in banks are now less than 9%, and in reliable ones – less than 7%. At the same time, the economy grew at a rapid pace this year, and many citizens will receive the 13th salary or bonus by the end of the year.
Now in many industries there is a shortage of personnel and employers must reward workers in order to secure them in the workplace. This money will be used to buy cars, televisions and other goods, which will push inflation upward in early 2022. Few people will put their money on deposit with such high inflationary expectations. The task of the Central Bank is to increase the attractiveness of deposits in order to try to draw off some of the money to banks and reduce inflation. The easiest way to increase the transparency of deposits and thereby increase confidence in them is to impose a ban on the differentiation of interest rates on deposits in credit institutions. “
Anna Bodrova, senior analyst at IAC Alpari:
“On average, banks can earn about 0.5-1% of the average deposit rate due to the differentiation system. The data are very approximate, since we are talking about the additional earnings of the bank, which is otherwise reflected in the financial statements. Considering the volume of deposits, the amounts can be quite significant. If the Bank of Russia takes into account the entire range of parameters used by banks to differentiate rates and agree on schemes so that banking organizations stop using them, the situation for consumers will improve. At the very least, the size of the bet will no longer depend on whether the client has agreed to additional services or not. However, it is unlikely that the Central Bank will agree on something that could deprive the banking system of some of its profits. Most likely, in the end, certain recommendations will be given that few people are going to follow. “
Zinnur Zinnyatullin, lawyer, partner of MKA “Knyazev and Partners”:
“Unfortunately, banks do not publish data on income received at differentiated rates. The information is a trade secret, which is published exclusively at the request of the bank within the framework of the reporting. Basically, banks do not subdivide income based on interest rate changes. The Law “On Protection of Consumer Rights” establishes that it is prohibited to condition the purchase of certain goods, works, services on the compulsory purchase of other goods, works, services. So the Bank of Russia simply demands to comply with the law. “
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