Deposit rates have returned to pre-crisis level

Now one of the ten largest banks in deposits includes Sberbank, VTB24, Gazprombank, Alfa-Bank, Rosselkhozbank, VTB, Raiffeisenbank, Binbank, PSB and Khanty-Mansiysk Bank “Opening”.

Reason for the decline in rates was the change in the interest rate policy of Alfa-Bank, which lowered interest rates on June 16. So, on the Deposit “bonus” and “Capacity” the maximum rate decreased by 0.5%, on Deposit “Prime” — on 0,8%, on the contribution of A+ — 0.9%.

The Central Bank began to ease monetary policy on June 10, when it was decided to reduce the key rate from 11% to 10.5%. However, commercial banks worked in advance and their actions on the interest rate policy ahead of the regulator, said the chief economist of the Eurasian development Bank Yaroslav Lissovolik. So, VTB 24 has reduced rates on deposits 29 APR, ICD — 23rd of may. Contributed to expectations of a decrease in the key rate generated by the statement of the monetary authorities, and the excess liquidity in the banking sector, sosredotochimsya big players, says the economist.

At least the big players are experiencing a lack of liquidity may set higher rates on deposits, says Lissovolik. Therefore, the average maximum rate at the ten largest banks is very different from the rates of other banks, but they will gradually approach the value of the stakes of major players, says the chief analyst of Sberbank Mikhail Matovnikov.

According to the forecasts of Yaroslav Lisovolik, the average rate of ten largest banks up to the end of the year will be reduced by 1 percentage point and the difference between the average rate and the rates of other market participants will decline.

That the average maximum rate of the largest players will continue to decline, evidence taken on 22 June decision of VTB24 on the reduction of interest on the two deposits in rubles on average by 0.5 percentage points.

In addition, on 22 June the head of Sberbank German Gref said that the Bank of Russia may lower its key rate once or twice before the end of 2016 and, possibly, its value will reach 9%.