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Date: a month ago   Category: Finances

Why do banks raise rates of currency deposits?


The currency of Russians was necessary for banks again. At the beginning of October the stakes were raised by Raiffeisenbank, VTB, Russian Standard and Gazprombank. Meanwhile in September clients of Sberbank have taken away nearly 1 billion dollars of the Photo from currency deposits: depositphotos.com Is updated October 21:30B in the banking market growth of rates of currency deposits has begun. As write Vedomosti, for the first four days of month four banks from top-20 — Raiffeisenbank, VTB, Russian Standard and Gazprombank — 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. Why banks raise rates, including in euro? Sergey Suverov is the senior analyst of BKS "Banks have faced outflow of currency deposits. Generally of course, remove deposits in dollars. It is connected with expectations of sanctions of the USA against state banks. But except dollar deposits also remove partially and deposits in euro — as because of fear of converting of these deposits to rubles and because profitability of deposits in euro practically was on a zero mark. Of course, deposits in euro didn't keep money from inflation in the eurozone which makes about 1% while the yield on euro deposits was almost at the level of zero. Now banks have understood that it is necessary to save deposits from mass outflow, and have begun to raise including in euro. It is connected with the fact that they want to show at least the minimum deposits yield in euro. Besides, it is known that the European Central Bank can raise a key interest rate next year, that is profitability of tools in euro at last will be included into a positive zone". This continuation of realization of those fears which have arisen before the Russian banks from the point of view of their vulnerability, the head of operations of Metallinvestbank in the monetary and foreign exchange market Sergey Romanchuk:sergey Romanchuk the head of operations of Metallinvestbank in the monetary and foreign exchange market "From my point of view says, this continuation of realization of those fears which have arisen before the Russian banks from the point of view of their vulnerability. In anticipation of sanctions decisions the population continues to behave more carefully, withdrawing money from currency deposits on which don't receive almost any percent. For this reason banks try to hold currency liabilities, raising an interest rate, thereby trying to stop this outflow. But for euro a rate remain negative, risk-free in the eurozone, and it will proceed still some time. What the Russian banks are ready to pay more, naturally, directly is connected with the fact that they after all don't want to lose these liabilities. At the same time currency assets remain with bigger profitability". Meanwhile Sberbank has published the monthly reporting. According to the document, in September the population has taken away from bank deposits in foreign currency almost for 1 billion dollars. Outflow of currency deposits in August has made 1,2 billion dollars. Attracting deposits in euro as VTB will compensate percent and whether leaving stimulates thus bank from

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