Thursday, April 30, 2015

VTB has lowered the rate on corporate loans after the decision of the Central Bank – RBC

VTB Bank decided to lower the rate on loans to corporate customers following a decision by the Bank of Russia on the key rate. This RIA Novosti reported the press service of the bank.

«Following the reduction of the key rate of the Central Bank, VTB Bank in proportion to the reduced interest rates on loans for its corporate customers”, – told the agency.

VTB is the second largest bank assets in Russia.

The first bank to respond to the reduction in the key rate from 14 to 12.5%, turned out to Gazprombank. His deputy chairman Alexander Sobol said that since May 1, the lending institution will lower rates on ruble and foreign currency deposits at 1-1.6 percentage points and 0,1-0,65 percentage points respectively.

According to the deputy, the rates on ruble deposits will be lowered to 8,2-12% to 6,6-11% per annum. Interest rates on dollar deposits declined from 2,9-4% to 2,45-3,5%, for deposits in euros – from 2.6-3.1% to 1,95-3%. The decision to change interest rates on loans will be made after monitoring market interest rates.

The decision to lower interest rates on ruble and foreign currency deposits received from May 12 and Tinkoff Bank. As follows from the press release of the credit institution, rates on deposits in rubles will be reduced by 1.2 percentage points for deposits in foreign currency – by 0.5-1 pp.

On June 1, Tinkoff Bank also lowered interest rates on savings accounts: the account in rubles – up to 8% per annum (currently – 12%), in foreign currency – up to 2% (currently – 3%).

The Bank of Russia announced a lowering the key rate from 14 to 12.5% ​​on April 20. In reaching this decision, the Central Bank was guided by the weakening of inflationary risks, while maintaining a significant risk of cooling the economy. The new rate will take effect from 5 May.

According to predpravleniya Bank “Renaissance Credit” Alexei Levchenko, the decision of the Central Bank will not have much impact on the behavior of banks. “The sharp decline in market interest rates should be expected. Interest rates on deposits decreased and so that is dictated by market conditions. Lending rates will also be adjusted according to market conditions and the overall situation in the economy “- said Levchenko.

The decision of the Bank of Russia coincided with the consensus forecast of economists compiled by RBC on Monday, April 27th.


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