05 August 2011, Friday, 9:50

Russians don’t hasten to deposit money because of low rates

author: Alfia Sharafutdinova

The specialists of the Deposit Insurance Agency indicate certain slowing of the rates of deposit growth in the first half of 2011, explaining this fact by lowering of the deposit interest rates first of all.

Thus, if for the first six months of 2010 the sum of personal deposits had increased by 946,2 billion rubles, in 2011 the growth made up 722,2 billion, i.e. 12,7 and 7,4% correspondingly. The overall sum of personal deposits in Russian banks exceeds 10520,6 billion rubles for today.

According to information of the Central Bank of Russia the maximal deposit interest rate in the banks makes up 7,88% of interest per annum, while in the beginning of the year this figure was equal to 8,25%.

The investigation of the deposit interest rates, carried out by the Agency in the biggest retail Russian banks, shows their further smooth lowering. The Agency’s analysts predict that by the end of the year the sum of deposits will increase up to 11,8-12 trillion rubles and the growth will make up about 22%.

In Bashkortostan the sum of private bank deposits has increased by 7,6% for the last six months – up to 147,6 billion rubles. By this showing the Republic holds the fourth place in Volga federal district and the 13th in Russia in a whole.

The volume of the long-term deposits (more than one year) exceeds the sum of the short-term ones almost two times. At that the overwhelming majority of the citizens prefer keeping their means in rubles: the share of the deposits in foreign currency doesn’t exceed 7%. In Russia this figure makes up 18% on average for today, dropping by 1,3%, as compared with the beginning of the year. This drop is explained by the growth of attractiveness of ruble deposits as a result of the ongoing strengthening of the ruble exchange rate with regard to US dollar in opinion of the Agency’s experts.

themes: banks, deposits