Aug
26
Russia Inc. Isn’t Waiting for Central Bank to Brave a Rate Hike
By-
Top Russian banks move to raise rates on deposits, mortgages
- Central bank has to contend with ruble’s weakness, price risks
The cost of money is rising for Russians well ahead of any potential central bank move to lift interest rates for the first time in almost four years amid concern the U.S. may impose fresh sanctions.
State-run Sberbank PJSC, which holds almost half of all Russian savings, is increasing rates for ruble accounts for the first time since 2014. It will also pay consumers more to keep dollars on deposit to stanch an outflow of funds. One of the country’s five largest mortgage lenders, Raiffeisenbank JSC, is charging more for home loans starting this month…
Russia Inc. Isn’t Waiting for Central Bank to Brave a Rate Hike
