The maximum interest rate on ruble deposits has been growing for the second decade in a row

The average maximum interest rate on ruble deposits in the ten largest banks of the Russian Federation, attracting the largest volume of deposits, increased by 12 percentage points in the second decade of October, to 6.79%, informs Central Bank. In the first ten days of the month, a slight increase was also recorded – by 0.13 percentage points, up to 6.67%. Recall that the maximum interest rate was fixed in the first ten days of March after the decision of the Central Bank to raise the key rate immediately to 20%. Since then, it has been declining and hit a low of 6.54% by the end of September.

According to analysts of the MMI Telegram channel, the main factor pushing rates up is the ongoing outflow of liquidity from the banking system through the cash channel. A clear pattern – the longer the deposit, the stronger the growth – also signals that banks are beginning to prepare for a rate increase.