The amount of household deposits has increased by more than 1.5 times since the beginning of the year

Maintaining positive real rates on deposits contributes to the influx of household money into banks, Spot reports, citing the press release from the Central Bank.

In August, the weighted average yield on time deposits for individuals in the national currency reached 21.7%, reaching a maximum since the beginning of 2015 for the third time since the beginning of the year. Rates on accounts for legal entities also showed a slight increase, amounting to 17.1%.

By September 1, the balance of time deposits since the beginning of the year increased by 48.3%. In particular, deposits of individuals in the national currency increased by 53.5%.

The growth rate has accelerated significantly compared to last year, when in the first eight months the volume of soum deposits increased by only 25%. They also slightly exceeded the January-August 2021 figure of 45%.

The transmission of the current main rate to the money market supports the formation of the price of short-term liquidity at the level of 3-4% in real terms. It is expected that its maintenance at the level of 14% will ensure the continuation of moderately tight monetary policy.

In June, rates on soum deposits for the population for the first time in the last eight years exceeded the 21% mark and grew for the third month in a row. The yield on corporate deposits has fluctuated since April.