Stabilization of the national currency and easing of the monetary policy of the Central Bank of the Russian Federation in April fixed the average deposit rate at 15%. The regulator’s course for further reduction of the key rate may lead to the fact that the yield on deposits will be adjusted in May at an average of 13-14%, and the focus of attention will shift from short-term deposits to long-term deposits. This was stated by Maxim Stepochkin, Head of Savings at VTB (MCX:VTBR), who was quoted in the bank’s statement.

“In the coming months, we expect the savings market to develop towards a gradual decrease in yields and equalization of rates on long and short terms. Stabilization of the national currency will lead to the development of lending, against which the stability of liabilities should increase, and they themselves will become cheaper. Therefore, banks will gradually redistribute the portfolio of term deposits towards longer terms, reduce extreme rates on short terms and launch promotional offers for their clients”, – says Maxim Stepochkin.