Sberbank has made the reduction of interest rates on foreign currency deposits to almost zero


Sberbank in 2016 will be able to reduce interest rates on foreign currency deposits “of up to one hundredth of a percent,” reported Bloomberg, Deputy Chairman of the Board of Sberbank Alexander Morozov, the Bank supervising the work of the unit “Finance”.

“Interest rates below zero until we are not mentally ready,” he said.

After being hit by sanctions in 2014 Sberbank has shifted “from fear of scarcity to abundance”: the Bank “as many dollars that he doesn’t know what to do with them,” writes Bloomberg. “When sanctions were imposed, it is obvious that the expectations were somewhat different: rather, we expect the shortage of foreign currency liquidity effect of closed foreign markets and capital flight”, – said a top Manager of Sberbank.

According to Morozova, since the beginning of the year the Sberbank has lowered rates on foreign currency deposits by 2-3 percentage points, but so far this has not led to the fact that clients become keep more money in rubles. According to Sberbank, the ratio between loans and deposits in dollars in the Bank keeps at level of 70%, the ratio of rouble-denominated loans to RUB denominated deposits is 98%, which, according to Morozov, is close to optimal.

“I think the flight from rubles now ended and the share of deposits in foreign currency will gradually decline amid expectations of further declines in rates and a moderate appreciation of the ruble up to 60 to 63 rubles per dollar by the end of the year,” said Morozov.

April 18-the minimum interest rate on deposits in the savings Bank is 0.01% per annum, the information on the website of the credit institution. Such a bet since Monday, Sberbank has established to indefinite savings account for amounts up to $1 thousand and up to €1 million (until April 18, the rate was 0.1%). The minimum rate for a savings account in rubles worth up to 30 thousand rubles saved on the previous level of 1.5% per annum.

In March, the Bank of Russia announced the increase from 1 April of the reserve requirements on Bank liabilities in foreign currency, except for obligations to natural persons, by 1 percentage point, to 5.25%. Improving standards aims “to discourage the growth of foreign exchange liabilities in the liabilities structure of credit institutions”, explained the regulator.

In turn, the head of Sberbank German Gref in an interview with Bloomberg TV in mid-March stated that attempts to “administrative means to encourage investment activity” “unlikely to yield results”. “I am against any podstegivaniia: we have all these stories with decrease rates, with pouring cheap liquidity do not work”, – said Gref.