{"id":291730,"date":"2026-02-11T04:27:16","date_gmt":"2026-02-11T04:27:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/291730\/"},"modified":"2026-02-11T04:27:16","modified_gmt":"2026-02-11T04:27:16","slug":"russian-deposit-rates-fall-to-lowest-level-since-december-2023","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/291730\/","title":{"rendered":"Russian Deposit Rates Fall to Lowest Level Since December 2023"},"content":{"rendered":"

The average maximum interest rate on bank deposits at Russia\u2019s 10 largest lenders fell to 14.57% in the final 10 days of January, the Central Bank said<\/a>, marking the lowest level since December 2023.<\/p>\n

The rate was down 0.3 percentage points from the previous 10-day period, according to the Central Bank\u2019s monitoring data, underscoring a broader decline in returns on savings as monetary policy eases.<\/p>\n

\u201cThe period of ultra-high-yield deposits is over,\u201d said<\/a> Yury Gribanov, CEO of financial consultancy Frank RG. \u201cRates are falling and will continue to fall.\u201d<\/p>\n

Deposit rates in most banks no longer exceed<\/a> 15%, he said.<\/p>\n

Deposit rates have been declining in tandem with the Central Bank\u2019s key interest rate, which has been cut to 16% from a peak of 21%.<\/p>\n

The benchmark last stood at that level in December 2023, when the\u00a0Central Bank raised<\/a> it from 15% to curb inflation.<\/p>\n

The Central Bank has signaled further easing, though not on \u201cautopilot,\u201d Governor Elvira Nabiullina has said<\/a>.<\/p>\n

Analysts at the Central Bank wrote<\/a> in February that markets expect possible pauses in rate cuts at upcoming meetings, with the key rate seen at 12-13% by the end of the year \u2014 broadly in line with the regulator\u2019s guidance. The next rate-setting meeting is scheduled for Friday.<\/p>\n

During the period of elevated rates, Russian households sharply increased bank deposits, adding around 10 trillion rubles ($129 billion) per year \u2014 11.5 trillion rubles ($148.4 billion) in 2024 and 9.5 trillion rubles ($122.6 billion) the year before.<\/p>\n

At their peak in late 2024, average maximum deposit rates reached 22.3%, with some short-term offers as high as 24%.<\/p>\n

Interest income boosted the share of property income in household cash earnings to 11%, up from 9.6% in 2024, according to official data.<\/p>\n

As rates have fallen, however, deposit inflows have slowed. In the second half of last year, growth in household savings was driven largely by interest accruals rather than new money.<\/p>\n

Households are increasingly reallocating funds into other financial instruments and real estate as deposits mature.<\/p>\n

Savings sentiment weakened slightly in January, a survey<\/a> by the Public Opinion Foundation showed.<\/p>\n

\u201cSome portion of deposits will be redistributed between new housing, the secondary property market and other segments of the financial market,\u201d said<\/a>\u00a0Yelizaveta Danilova, head of the Central Bank\u2019s financial stability department.<\/p>\n

Read this story in Russian at The Moscow Times\u2019 Russian service.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The average maximum interest rate on bank deposits at Russia\u2019s 10 largest lenders fell to 14.57% in the…\n","protected":false},"author":2,"featured_media":291731,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,4505,113,176,61,60],"class_list":{"0":"post-291730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-central-bank","10":"tag-economy","11":"tag-finance","12":"tag-ie","13":"tag-ireland"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/291730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=291730"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/291730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/291731"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=291730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=291730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=291730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}