The Central Bank of the Russian Federation explained the reduction of deposit rates in banks

Competition for bank customers' funds and, in particular, deposits is not so strong at present, the Central Bank of the Russian Federation (CBR) noted. It told "Izvestia" about the factors that influenced the reduction of rates in Russian credit organizations.

Earlier in the day it was reported that half of the 20 largest banks reduced deposit rates in the week after the regulator's meeting on the key. By the end of February, the average yield on deposits fell below the key rate (to 20.8%).

"The situation with regulatory liquidity at the end of last year has slightly improved, which was reflected in the rates of attraction: if at the peak banks attracted deposits of individuals at rates of 22% and even higher, now the maximum rates have fallen to the level of 21%. That is, competition for customer funds and, in particular, deposits of citizens is not so strong now," - said the Central Bank of Russia.

Interest expense: every second major bank reduced deposit rates

Is it profitable to deposit funds and can they be frozen?

They explained that in general, the situation was affected by two factors. Firstly, regulatory measures - the regulator has expanded opportunities for banks to use irrevocable credit lines and softened the schedule of building up their own highly liquid funds. Secondly, seasonal factors - a strong inflow of individuals' funds, including through the advance payment of social payments, as well as the arrival of budget funds.

Before that, on February 7, it was reported that the share of foreign currency deposits of Russians reached the lowest level in at least 17 years. In December 2024, it fell to 6.8%. In the conditions of restrictions, people themselves seek to transfer savings into rubles, said the press service of the Central Bank of Russia.