Russian Banks Raise Deposit Rates Amidst Outflow
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Insights by Echo AI
In Russia, deposit rates have unexpectedly increased, with ten major banks raising their rates for three consecutive weeks in July. The average maximum rate reached 12.85% per annum, up from 12.75% in June. This trend bucks the usual pattern of decreasing rates due to a lower Central Bank key rate, and is attributed to a record outflow of money from deposits in May. Experts predict that banks will cautiously raise rates to attract depositors, but not all banks will do so.
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