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Date: 4 months ago   Category: Finances

Deposit in dollars or euro: the known question on which there is no correct answer


Banks raise rates on currency deposits. Literally for several days the companies entering in top-20 have acted this way. Why it becomes and as far as investors risk? Photo: depositphotos.com Banks raise rates on deposits in currency. At the beginning of October the stakes were raised by Raiffeisenbank, VTB, Russian Standard and Gazprombank, Vedomosti writes. Literally for the first four days of month these four banks from top-20 have improved conditions of attraction of dollars from the population. VTB has increased also the yield on deposits in euro. For deposits for the sum from 3000 euros the bank offers up to 0,95% per annum now. Meanwhile in September clients of Sberbank have taken away nearly 1 billion dollars from currency deposits. In August outflow of currency deposits from Sberbank exceeded 1,1 billion dollars. Why do banks raise rates of currency deposits? In August and September banks have faced noticeable outflow of currency deposits. Expectation of sanctions of the USA against state banks hasn't kept itself waiting long. The fear of converting of these deposits to rubles and in general lack of understanding as such serious sanctions can affect work of state banks, have affected. People have reached for the currency savings. Besides a rate on currency deposits so low that there is practically no difference — to keep this money in bank or under a conditional mattress of the house. At the same time experts estimate as low probability of similar risk that sanctions because of which they will be disconnected from dollar will be imposed against seven state banks and their dollar assets in the United States of America will be frozen. On this background increase in rates on currency deposits and, in particular, introduction of a rate of nearly 1% to euro as has made VTB, can be attempt to reorient clients. What the bank can earn from, besides that in Europe rates negative, the CEO of the Personal Adviser company Natalya Smirnova:natalya Smirnova the CEO of the Personal Adviser company argues "I assume that the rate has begun to raise not earlier, than since September when it became known about this type of sanctions. Perhaps, these seven banks begin to stimulate [transition] from dollars in euro because it is unknown that will be if when from dollar they are disconnected after all. I think that investment departments of banks normally work. If desired it is possible to find eurobonds. If not to take the eurobond of category perpetual, that is eternal, subordinated, hybrid, hell which can be found, and to take usual with repayment in about five-seven years and to take the investment rating of absolutely normal foreign issuers and currency euro, then 2% profitability, even, maybe, slightly higher, it is possible to find. Respectively, if they give 0,9% on a deposit and 2% with kopeks will receive, then, in principle, they can earn slightly more than a percent". According to the Sravni.ru portal, generally banks on deposits in euro give a rate in 0,1%, and only nine banks give on such deposits a rate higher than 0,5%, and that for the sum from 300 000 euros. At most — slightly higher than 1% — offers the Ural bank of reconstruction and development. Banks can still rassch

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