UBRD Decreases Interest Rate on Deposits

1 December 2016 (13:20)

UrBC, Yekaterinburg, December 1, 2016. Interest rates on foreign currency deposits offered by the Ural Bank for Reconstruction and Development went down by 0.25% in November, the bank’s press service reports.

The bank currently offers its customers four such deposit types: Convenient, Savings, Mobile, and Multi-Currency.

According to the bank’s Debit Transaction Director Olga Aksenova, this downward trend is typical of the entire banking sector.

‘Banks are offering minimum interest rates on foreign currency deposits at the moment, which has to do with the fact that there is no need to have more foreign currency in stock,’ Aksenova said.

UBRD Interest & Liquidity Risk Management Director Viktor Bruvel says Russia’s ten largest banks all offer between 0.1% and 1% to 2.5% a year on euro and dollar deposits, respectively.

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