01 December 2011, Thursday, 14:36

Russian banks go on hunting for depositors

author: Alfia Sharafutdinova

Russian banks continue raising the deposit interest rates. According to the results of the monitoring of ten biggest Russian banks, attracting the highest volumes of deposits, made by the Russian Central Bank, by the end of November the maximal deposit interest rate reached 9,04% against 8,3% at the beginning of the month.

“The hunt for depositors means the shortage of cash” — the economist from Moscow Oleg Griroriev reported to “Bashinform” — “The crediting of natural persons was stormily growing and still going on in 2011. The rates of crediting exceed the rates of depositing and since the banks can't borrow the means from the foreign banks, taking the present economic situation abroad into account, they have to attract small depositors.

“The theme of the shortage of cash in the Russian bank system seems to remain in the agenda still for a long period of time” — the analyst of the Credit Organizations Association RB Anton Tyagnibeda says — “the volume of deposits in the Russian banks in July-September has increased just by 3,6% — it is one and a half times slower than one year ago. Despite the step-by-step growth of the interest rates and earlier declared slowing of the inflation, the monthly inflow of savings for depositing turned out to be lower than during the second fourth of the year, when the rates for attraction of deposits were extremely low. The feasibility of the official forecast on the growth of deposits on the level of 20-22% turned out to be under real threat. Nonetheless the figures aren't revised until now. By the end of the third quarter of 2011 the average deposit rate in Russian rubles reached the maximum, observed at the very beginning of the year, and overcome this maximum in October. My opinion is that the attractiveness of the deposits will continue growing weekly up to the New Year holidays but the final dynamics will hardly exceed 19%.

themes: banks, deposits