Banks will cut interest rates on loans and deposits following the Central Bank decision


The process of reducing interest rates on loans and deposits will begin in the second half of 2016 and continue in 2017, said head of marketing strategy and research at VTB24 Dmitry Lepetikov. “According to our forecasts by the end of the year Deposit rates for households will fall by an average of 1-1,5 PP., the following additional 1-2 percentage points,” he says, explaining that the market is waiting for further reduction in the key rate up to 9.5% per annum.

This view is shared by the head of the Duma Committee on economic policy Anatoly Aksakov. He expects interest rates on loans and deposits for households and companies will decline by 1-1,5 PP

The Bank “Russian Standard” may revise interest rates on loans and deposits for individuals, said the Chairman of Board of Bank Ilya Zibarev. But the changes will be small, he says. Rate of the Central Bank affect interest rate policy of ROSBANK, announced his press service, adding that the Bank will soon take into account the today’s decision of the regulator.

ICD can reduce interest rates on loans to companies after the Bank of Russia, reported the press service of the ICD. ROSBANK also prepared to reduce the cost of corporate loans, said in response to the press-service of the Bank on request .

Meanwhile, Sberbank has lowered interest rates on loans to small businesses, reported the press service of the Bank after Central Bank announced the decision on the key rate. The drop in interest rates was 0.25 to 1.75 p. p. and affected only those loans, the amount of which exceeds 15 million rubles, the press service of Sberbank said that it is a decision the Bank took on the Bank of Russia.

Ahead of the regulator

Many banks have been proactive and changed the interest rate policy, without waiting for the decision of the Central Bank. April 29, VTB24 lowered the rates on deposits in rubles, dollars and euros. In roubles, the decrease averaged 0.6 p. p., $ – 0.3 percentage points, at Euro 0.5 percentage points of the ICD, in turn, may 23 has lowered rates on non-earmarked loans at 1-3 p. p., on deposits — 0.5 PP

Sovcombank also foresaw the decision of the Central Bank in advance and lowered the interest rates on deposits for the population, adds the first Deputy Chairman of the management Board of the Bank Sergey khotimsky. According to him, the last change occurred on June 7: the yield of deposits fell by an average 0.2 p. p. PSB recently reduced rates on credit and savings products, said the press service of the Bank.

Not only of the Central Bank

A special situation in b & n Bank and MDM: are there lower rates of 2-5 p. p. is expected in mid-June, but the decision was made before the change of rate of the Central Bank, the press service of the Bank. The percentage policy of banks depends not only on the key rate of the Central Bank, but also on many other factors, says Zebari from the Bank “Russian Standard”.

Banks returned, the lion’s share of Central Bank borrowing, so the impact rate of the Central Bank on the value of their funding slightly, emphasizes senior Director financial institutions at Fitch Alexander Danilov. Chief analyst of Sberbank Mikhail Matovnikov also assesses the impact of key rate on the skeptical actions of banks: Deposit rates strongly pulled away from the key — and will continue to decline without looking at her, he says. Within six months interest rates on loans and deposits will decrease by 2 percentage points, but it will not be a reaction to the actions of the Central Bank, in solidarity with him, the chief analyst at Interfax CEA Alexey Buzdalin. This is a response to the slowdown in inflation, he explains. According to the forecast Matovnikov of Sberbank rates on loans may be reduced by the same 0.5 percentage points that the rate of the Central Bank. But he urges not to associate it exclusively with the policy of the regulator: lending rates declined all the time, despite the stability of the key, he says.