Overview
- From January 21–22, Gazprombank, Rosselkhozbank, Sovcombank and MKB lowered ruble deposit rates by roughly 0.1–2.0 percentage points, according to Marcs data reported by TASS and RIA.
- Sberbank on January 21 cut the maximum rate on its Luchshiy deposit to 15% from 15.5%, with the top rate available only for new funds.
- The Bank of Russia reduced its key interest rate to 16% from 16.5% on December 19, and the average maximum retail deposit rate among the ten largest banks eased to 15.102% in early January.
- Sberbank CFO Taras Skvortsov projects the key rate could reach about 12–13% by the end of 2026, implying gradual cuts of roughly 0.5 percentage point per meeting.
- RSPP president Alexander Shokhin says companies do not expect radical moves at the February 13 and March 20 rate meetings as the impact of VAT and fiscal changes on first‑quarter inflation is assessed.