In the state Duma in October will start the discussion of the draft law on the introduction of negative rates on deposits. In other words, the banks will charge clients money for safekeeping of currency accounts. Write about this “Izvestia” with reference to the Chairman of Committee of the state Duma Anatoly Aksakov Finance.
According to him, we are talking about deposits in all foreign currencies. That Central Bank is discussing with commercial banks such innovation, the regulator said yesterday. The Finance Ministry supports the idea.
In financial institutions, these plans are treated with caution. Until a stable legislative base, the negative rates is uncertain, said the representative of Bank “St.-Petersburg”. Because of the ban on negative bets in the Euro yield this year reached a historical low of 0.01%.
The regulator plans to allow credit institutions to take charge citizens for keeping their funds continue a trend that appeared in Europe, the newspaper notes. The ECB refinancing rate is 0%, and the Deposit — minus 0.5%. From the fed rate is positive and is 1.75–2%, but recently President Donald trump called on to reduce it to zero or set to a negative value.
Such measures in Europe were introduced as temporary, but there are several years, and there is no reason to expect a quick change. Negative interest rates don’t look like something extraordinary, explained chief strategist “Aton” Alexander Kudrin, they are imposed because of the economic slowdown in Western countries.
According to experts of the Gaidar Institute Alexey Vedev, the negative values will be retained for another year or two, and will remain low for a longer period.
Negative percentages in European countries, likely associated with the fact that in the Eurozone accumulated a large the money supply, the head of Bank products development and projects “freedom Finance Bank” Murad Shikhmagomedov. That is, the economy more money than required. In such cases, first try to take money from people and invest it in some long term instruments. If it doesn’t, the regulator introduces negative rates, that is depositors have to pay banks to store their money there.
Banks are preparing for different scenarios. While maintaining “the current draconian monetary and fiscal policy” negative rates could become a reality in rubles, said the co-owner of “Sovcombank” Sergey Khotimsk. While experts believe this is fiction, but the same was said about the countries where the interest in the end went below freezing, he added. Better for example less popular Euro to work out legal mechanisms now than to be faced with the unwillingness of the banking system to negative rates in rubles, said Sergey Khotimsk.
Negative rates will eat part of the income of the population, but small — in the range of statistical error, experts say. “BCS-Premier” evaluates it in 0.001%, associate Professor Ranhigs Sergei Zubov — 0.1%, IR Freedom Finance of 0,04%. According to Rosstat, in January — June earnings declined by 1.3%.