Rates on deposits in Russian banks grew

The average maximum rate for deposits in the ten largest banks in Russia in the first decade of the April 2011 rose by 0.17 percentage point to 8.3 percent. This was reported in the official press release of the Bank of Russia. The current level of rates on deposits is the highest since the beginning of the year. In early January it was 8.25 percent. In January this year, the average rate on deposits in the ten largest banks fell by 0.11 percentage points in February - 0.04 percentage points. In March, it increased slightly - by 0.03 percentage points, while the second and third week of the month rates unchanged, amounting to 8.13 percent. During the crisis, interest rates on deposits in major banks rose sharply, as the organization was necessary to raise additional funds to their accounts. However, the Central Bank has repeatedly pointed out that high interest rates on deposits carry risks for the country's financial system and encourage banks to cut rates, in particular, due to consecutive rate reduction refinance. At the end of February 2011 the Central Bank raised the refinancing rate for the first time since December 2008. It was increased by 0.25 percentage points - up to 8 percent. The monitoring of the Central Bank takes into account information on the website of the Savings Bank, VTB 24, Bank of Moscow, Raiffeisen Bank, Gazprombank, Rosbank, Alfa Bank, Uralsib, MDM Bank and Agricultural Bank.