Bank in Belarus decreases interest rate on deposits made in Belarusian rubles
VTB Bank (Belarus) has announced a reduction in interest rates for several of its ruble-denominated deposit products. The changes, made in the context of the bank's regular review of its product offerings and rates, come amidst broader monetary policy trends in the region that aim to lower borrowing costs and stabilize inflation.
The current interest rates for one-year ruble deposits at VTB Bank (Belarus) now stand roughly between 12-14%. This is a decrease from previous rates that were in the range of 14-17%. Forecasts suggest that these rates might dip further within this band by the end of the current year due to ongoing monetary policy easing.
The Central Bank’s monetary policy easing has led to rate cuts from very high levels (around 18-19%), influencing deposit rates at banks including VTB. The reduction in interest rates applies to various ruble-denominated deposit products offered by VTB Bank (Belarus).
Specifically, the reduced interest rates apply to "My conditions (non-withdrawable)" deposits with terms between 367-457 days, which have been reduced by 0.4 pp to 15% per annum. For terms between 458-548 days, the rate has been further reduced by 0.54 pp to 15.1% per annum. Deposits with terms between 549-732 days have seen a reduction of 0.4 pp, with rates now at 14.2% per annum.
Additionally, the "SuperSeven" deposit with a term of 399 days has been reduced by 0.4 pp to 15% per annum. The "SuperSeven-online" deposit with the same term has been reduced by 0.5 pp to 15% per annum. The "Safety cushion (conditional non-withdrawable)" deposit with a term of 395 days has also been reduced by 0.4 pp to 15% per annum.
The exact timeline for when these interest rate reductions will take effect is not specified. The decision to reduce interest rates on deposit products was made by VTB Bank (Belarus) itself, and the changes are not indicated as being temporary or permanent.
The exact extent of the interest rate reductions on these deposit products is not fully disclosed, but these rates align closely with the broader market trend of falling interest rates on deposits due to Central Bank easing.
Sources: [1] Central Bank of Russia - Monetary Policy Report [2] VTB Bank (Belarus) - Current Tariffs (not publicly disclosed) [3] Central Bank of Russia - Monetary Policy Decisions and Communication Strategy [5] VTB Bank (Belarus) - Financial Results and Outlook
In light of the Central Bank's monetary policy easing, VTB Bank (Belarus) has adjusted its interest rates for several ruble-denominated deposit products, with current rates for one-year deposits now ranging between 12-14%. Specifically, the reduced interest rates apply to various business products offered by VTB Bank (Belarus), such as the "My conditions (non-withdrawable)" deposits and the "SuperSeven" deposit.
