Sberbank for the third have raised interest rates on dollar deposits for major clients. Other banks started doing this back in the spring to refinance former customers of Western banks, experts say
Photo: Yegor Aleev / TASS
Sberbank in the middle one-third raised their rates for deposits in dollars for wealthy clients. Higher rates apply when opening Deposit until the end of August 2018, the Deposit terms to the customers who use the services package “Sberbank First”.
The highest rate for three-year deposits in excess of $300 million of 3.05% per annum with pre-existing maximum rate of 2.2%. Rates two-year deposits above $50 million will increase from 2% to 2.9%, and for amounts in excess of $300 million up to 3%. For deposits from $1 million to $50 million Sberbank is ready to charge at 2.6% for the term year (instead of 1.65%) and from 2.9 to 3% for three year deposits (instead of a maximum of 2.15% previously). On deposits above $150 thousand for a year the rates go up c 1.65 to 2%.
According to the Bank, on June 1, 2018, the share of foreign currency deposits in banks decreased from 28,4 to 20.6%, and their volume amounted to 5.5 trillion rubles.
In the past few months, Sberbank observed the tendency to increase interest rates on dollar deposits at the market in the segment of servicing wealthy clients, explained RBC in the savings Bank. Growth rates on large dollar deposits — the General trend on the background of increase of rates FRS the USA. In may interest rates on dollar deposits for wealthy customers has increased VTB 0.35–1.1 percentage points To this rate on dollar deposits has increased the agricultural Bank and “URALSIB”.
If, after the crisis 2014-2016 banks observed an excess of foreign exchange liquidity, but now the situation has stabilized, as well as customer sentiment, increasing interest rates, adds the analyst of international rating Agency Moody’s Olga Ulyanova. Is rebalancing of foreign currency assets and liabilities of banks, including under the influence of the need to refinance foreign currency debt of individual large customers, she says.
“I think the strengthening of the dollar in the system will continue, but it will be very gradual, however, until the end of 2018, the demand of the banking system in foreign currency borrowings will continue to increase”, — concluded the expert.
On average, banks increased interest rates for large foreign currency deposits by 1-1. 5 PP, notes the analyst of Bank ratings “Expert RA” Ivan Uklein. “This is due to the refinancing of the syndicates of major Russian exporters and Russian credit organizations, which were financed earlier in Western banks, he said. — Because of the sanctions, Russian companies lost access to funding in the EU and the USA and now perekreditovyvatsya in Russian banks”. According to him, not all banks are approached with the optimal currency structure of the balance sheet, so they need dollar liquidity. “Sberbank raised rates one of the last, as he had enough funds for lending to companies, he adds. — Most likely, this trend of rate hikes will not be long-term and focuses on the major deposits.”