18 June 2004 02:39
Sberbank not mulling rate reduction
MOSCOW. June 18 (Interfax) - Sberbank, Russia's biggest savings institution, is not planning to lower interest
rates in the short term, Andrei Kazmin, the bank's chairman, said at the AGM.
"We have no plans for an immediate reduction of rates on deposits or credits," Kazmin said.
"We don't currently see any obvious reason to adjust rates," he
said, commenting on the Central Bank's decision to lower its key
Kazmin said the rate cuts at the start of the year were tied in with the general drop in returns on financial
markets.
refinancing rate to 13% from 14% effective June 15. [RU ASIA EUROPE EEU EMRG BNK ECI] pr
[Interfax] |
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