In May, rates on ultra-short deposits significantly decreased, averaging a 3-4% drop, and now do not exceed 6-7% per annum for 1-month deposits and up to 10-11% for deposits up to 3 months.
These figures were provided by Dmytro Zamotaiev, Director of the Retail Business Department at GLOBUS BANK.
The specialist associates this with the activation of bank lending, as the June reduction in the discount rate to 13% significantly lowers the cost of resources for potential loans. This means most banks have a real opportunity to revive their lending programs, expanding their range from consumer loans to car loans, targeted loans for small and medium-sized businesses, and mortgages.
“In the summer period, the segment of bank deposits will see relative 'static' in rates and new depositor activity. However, as we predicted at the beginning of the year, there will be a noticeable shift from the development of ultra-short deposits (1 month - 3 months) to longer-term deposit programs, ranging from 1 year to 2.5 years. It is quite possible that by the beginning of autumn, their share will reach 25-30% of the total number of deposits,” said Dmytro Zamotaiev.
