Interest on deposits in friendly currencies may rise. This will become possible if the Central Bank (CBR) lowers the requirements for mandatory reserves on such deposits, Izvestia learned.
According to preliminary estimates, such a measure can be implemented approximately on April 1, 2023, according to a response letter from the Central Bank to the Association of Banks of Russia, which came up with such an initiative.
Now the Bank of Russia is evaluating the feasibility of differentiated reserve ratios for the obligations of credit institutions, depending on the type of foreign currency (friendly or unfriendly country).
Reducing reserves for liabilities in “friendly” currencies to similar requirements in rubles will increase the attractiveness of deposits in alternative denominations, Zenith Bank expects. The credit institution calculated that deposit rates could increase by at least 0.15% with a key rate of 7.5% and a reduction in the deduction rate from 5% (in foreign currency) to 3% (as in Russian rubles).
According to Banki.ru, yuan deposits can be opened in 14 banks: the average rate is 1-1.5%. At the same time, the yield of ruble deposits is on average at the level of 5%, according to the statistics of the Central Bank. Deposits in dollars are offered at 1-2%.
Read more in the exclusive Izvestia article:
Let’s Live Friendly: Interest on Yuan Deposits May Rise
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