The Chairman of the Bank of Russia spoke about a way to protect savings from rising inflation.
The Central Bank continues to adhere to a tight monetary policy to reduce inflation. On July 26, the interest rate was increased from 16% to 18%.
Against this background, Elvira Nabiullina named the main way for Russians to protect their savings from inflation, RIA Novosti reports.
Current rates on bank deposits in Russia allow not only to protect funds from depreciation, but also to earn money, the head of the Central Bank stated.
“In general, deposit rates are very attractive for savings now,” Nabiullina shared her opinion.
Analysts expect that after the interest rate is raised, the yield on short-term deposits (3-6 months) will increase first. They predict growth to 20-23% per annum.
The key rate in Russia will be reduced only after the situation in the fight against inflation has turned around. An acceptable indicator for the Central Bank is 4-5%.
