Why is this important
The increase in rates can stimulate the interest of the population and businesses in saving in foreign currency. This also reflects changes in conditions in the domestic liquidity market and inflation expectations.
What happened
- The average interest rate on foreign currency deposits reached 5% for the first time since January.
- For deposits with a term of more than one year — 5.2%, for short-term deposits — a decrease to 2.8%.
- For the population, the average return on foreign currency deposits was 5.1%.
- The yield on sum deposits increased to 19.8%, while long-term deposits of legal entities reached 18.5%.
Context
The rates on sum deposits for individuals remain stable: for the third month in a row — 21.4%. Earlier, in June-July, a slight decrease in profitability was recorded, but in August, the market showed recovery. The increase in rates may be related to banks’ actions to attract liquidity in conditions of high costs and increased consumer demand.
