The Central Bank of Russia will increase as of August 14 deposit rates for banks by 0.25 percentage points following a decision by its board of directors

Tuesday, February 7, 2023

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The Central Bank of Russia will increase as of August 14 deposit rates for banks by 0.25 percentage points following a decision by its board of directors, the bank said Monday. Surplus liquidity on the Russian money market is prompting the country's monetary authorities to take measures to keep inflation down amid fears that the Russian government cold fail to keep consumer price growth within the targeted 8% in 2007. In accordance with the decision, interest rates on the Central Bank's deposit operations on standard terms will increase from 2.5% p.a. to 2.75% p.a. for tom-next, spot/next and demand deposits and from 3% p.a. to 3.25% p.a. for 1 week and spot/week operations, the CBR said.

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