Comments made by Maxim Solntsev, CEO to Banki.ru18 January 2019
Russia's largest financial portal, Banki.ru, expects deposit rates to rise in 2019. This point of view was expressed by representatives of the banking community. While preparing the article, bankers, analysts, and financial ombudsmen were interviewed.
Maxim Solntsev, CEO of SDM-Bank, noted that “during the current year, rates on deposits in rubles may rise by 0.5–0.7 percentage points. Large banks will be able to raise rates up to 10% per annum only if necessary - if the regulator raises the key rate that much that the banks will have to enter two-digit values for the yield of deposits. In this case, the Russian economy will face an enormous shock. However, I do not believe that the Bank of Russia will go for it. According to my estimates, if global external shocks do not happen, then the Central Bank of the Russian Federation will raise the key rate in 2019 twice, both times by 0.25 percentage points.”