Banks disclosed the share of deposits opened before the growth of the key rate

by time news

“Vedomosti” learned the share of deposits with low rates that citizens opened in banks before the key rate of the Central Bank began to grow in March this year, and with it – the yield on deposits. Depending on the bank, it varies from 25 to 76% of the total portfolio of term deposits – mostly they were opened for a period of 6 to 12 months. The survey involved representatives of large banks (VTB, Sovcombank, Otkrytie, Rosbank, Promsvyazbank) and retail (Post Bank, Russian Standard, Zenit and OTP Bank).

The Central Bank began a rate cut cycle in the summer of 2019 from the level of 7.75%. In the spring of 2020, when the crisis caused by the coronavirus began, the regulator began to cut the rate more actively – from March to July it fell from 6 to 4.25% and was at this level until March 2021.But when this year the economy began to recover, and demand – to greatly exceed supply, inflation went far from the level of the Central Bank’s target of 4% and reached 7.8% by October 18. Due to accelerated inflation, the Central Bank began a cycle of monetary tightening, and on October 22, the key rate reached 7.5%.

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