six banks raised interest rates on yuan deposits – Kommersant

The six largest Russian banks have raised interest on yuan deposits from one month to three years. The newspaper reported “News”.

Banks that have raised rates:

• Sberbank increased interest on deposits from the range of 1.1-2.92% to 1.1-3%, the rates on deposits for three months and six months grew the most.
• Average rates in Alfa-Bank – from 2.6-3.85% to 2.95-4.24%, most of all rates increased on deposits for a period of three months – from 1.8% to 2.6%.
• The rates in the MKB reached the range of 2.8-3.5%.
• VTB — to the level of 2.76–3.35%.
• In Otkritie, interest on deposits for three months, six months and a year increased to 2.8%.
• In Gazprombank, the maximum percentage reached 2.5%.

The Central Bank explained to Izvestia that from mid-April to mid-May, there was a shortage of yuan liquidity in Russian banks amid increased demand for this currency. Now the situation on the market is stable, the regulator added. “In order to smooth out fluctuations in the exchange rate of the Chinese currency associated with its uneven supply on the market, we introduced a swap with the yuan with a limit of 10 billion. Even on days of peak demand, less than half chose it,” the Central Bank said.

More about deposits – in the material “Kommersant” “Deposits with Chinese characteristics”.

Olesya Pavlenko