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The change in the key rate led to an increase in interest rates on deposits in banks
The change in the key rate by the Central Bank led to an increase in interest rates on deposits in Russian banks. On October 22, the Bank of Russia increased its value to 7,5%, returning the indicator to the level of mid-2019.
As the RIA News" with reference to market analysts, deposit rates will grow faster than credit rates. Rosbank was one of the first to react to the actions of the Central Bank. From October 25, his clients receive an additional 2,5% to the basic 7,5% per annum.
Even before the increase in the key rate of return on deposits in the bank Dom.RF increased from 0,4 to 1,5 percentage points. Post Bank raised the rate in advance - from October 21 it rose to 8% per annum. Novikombank did the same, raising the value by 0,75 p.p.
Bank Saint Petersburg also announced its readiness to take similar actions, the interest on deposits of which took into account the expected growth of the key rate by 0,25-0,5%. Also want to raise rates "Zenith", Absolut Bank, PSB, Sovcombank.
In March, the Bank of Russia began a cycle of systematic increase in the key rate to normalize monetary policy. Until March, the key rate was at a historic low of 4,25%. For the first time since 2018 The Central Bank raised the rate.