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Finance minister urges banks to raise deposit rates
RBC, 26.11.2008, Moscow 14:59:57.During today's Federation Council session, Deputy PM and Finance Minister Alexei Kudrin called on banks to raise interest rates on personal deposits, which were the main instrument for boosting liquidity, according to Kudrin. Personal deposits currently stand at roughly RUB 6 trillion (approx. USD 219bn), he said. The minister also pointed out that interest rates on deposits were now below 12 percent, while inflation was already higher than 12 percent as of November 7. If deposit rates remain below this figure, Kudrin noted, people will undoubtedly withdraw their deposits. Banks should attract liquidity by raising their interest rates rather than by asking the Central Bank to give them more loans, the minister maintained.
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