Bloomberg News

Russian Banks Cut Rates on Retail Deposits to 8.74% in August

August 31, 2010

Russian lenders lowered rates on retail bank deposits during the last 10 days of August as the central bank maintained interest rates at a record low.

Deposit rates at Russia’s 10 biggest banks dropped to an average of 8.74 percent during the period from 8.76 percent in the previous 10 days and down from 14.85 percent in July last year when central bank data began, Bank Rossii said late yesterday on its website.

The central bank, which plans to hold a rate meeting today, cut its main interest rates 14 times from April 2009 to July as inflation slowed to 5.5 percent, the lowest level on record. It kept the refinancing rate at a record-low 7.75 percent last month.

To contact the reporter on this story: Paul Abelsky in Moscow at pabelsky@bloomberg.net.

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net.


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