A number of Russian banks raised the interest of consumer loans and mortgages, in exchange for reducing the profitability of deposits in foreign currencies; despite the central’s decision, during its last meeting, not to raise the basic interest rate .


According to ArabiaNet, TASS published data prepared by Marx Credit Rating Agency, in which it revealed that a number of Russian banks have increased the interest of loans.


The move by Russian banks reflects a lack of confidence on the part of the banking sector on the viability of the measures approved by the Russian Central Bank to ensure the stability of the financial system, and a discrepancy between official and banking estimates of the risks that the Russian market may face.


In detail, Saint Petersburg Bank raised the mortgage interest rate from 8.2%, to 9.2%, for primary and secondary markets, and Absolute Bank raised it to 11% for mortgages in the primary market, and up to 10.75% for the secondary market. As for Gazprom Bank, it was announced on March 20 this year to raise the ceiling of the maximum value of the consumer loan, to 5 million rubles (about 64 thousand dollars), instead of 3 million (38 thousand dollars), and raise the interest rate on those loans by 1 point, until 10.5%, according to Al-Sharq Al-Awsat.


At the same time, banks reduced profits from deposits in hard currencies. For example, but not limited, Gazprom Bank reduced interest rates on some deposits in dollars, by 0.3 to 0.5 points, and Ross Silkhuz Bank (Agricultural Bank) last week reduced the interest rate on deposits in dollars. 0.4 to 0.5 points.


The St. Petersburg Bank said it plans a similar reduction in the near future. To that, other banks said that they are not currently planning to reconsider the interest rate, including the government VTB bank, which, while confirming that prices will remain at their current level, but did not exclude the possibility of adjusting them, and said that this remains subject to the behavior of other players in the market, and developments in the macroeconomic situation .

The wave of raising the interest of consumer loans and mortgages began in Russia since the second week of March, when the expectations were for the central to raise the basic interest rate, among the main reasons that Banks pushed to the move. However, the matter did not change even after the Central announced its decision to maintain the interest rate without reducing or raising, which revealed, according to what market analysts say, the weakening effect of this decision on public mood, compared to the significant impact of the main factors currently, i.e. the spread of corona and fluctuations Oil.


The Vedomosti newspaper quoted bankers as saying that changing the interest rate (on loans) was an emergency step, in light of the unstable situation in the global financial markets, explaining that the fluctuations and the collapse of the ruble exchange rate prompted the bankers to think about what they do in relation to interest, after the loans became at the current price It causes losses to banks. Experts considered that the decision to maintain the interest rate is not commensurate with the current circumstance that the Russian market is going through.

NamaaZone " The Power of Knowledge"