deposits have begun to rise sharply, even for the laos telegram data shortest terms, including overnight. In November, the situation only worsen. And banks were ready to pay individual large corporate clients for short-term. Deposits at the key rate plus 2 percentage points (pp) or even higher. As a result, banks’ transfer curves. Due to the increas liquidity premium, have mov upwards from money market rates. And spreads for floating rates have also gone up.
Interest rates was reinforc by the announc
increase in capital adequacy surcharges. Now banks are forc to use their capital more economically and include higher premiums for the use of their own capital in the final rates for borrowers. Add to this the recently increas assessment by banks of the cost of risks for the borrower. This is also includ in the rates on loans. And we get that over the last two months the cost of borrowing for corporate borrowers has increas due to autonomous factors by at least 2-3 percentage points .
— But you said that the spreads of interest rates on loans to the key rate have decreas recently…
The peak, the spreads were even higher
Now they have decreas a little, but I repeat, an additional. Above the level that exist before November remain. If in October a large reliable borrower could attract a loan at a floating rate equal to the key rate plus 2 p.p., now banks quote him the key rate plus 5 p.p. Due to the fact that the key rate has not chang now, this autonomous from a simple ecommerce website to a robust additional tightening of monetary conditions has not disappear. Now the level of rates for corporate borrowers is the same as if the old spreads were in effect, but the key rate was 24%. In this sense, there america email has been a significant additional tightening. After all, the demand for loans is affect not by the level of the key rate itself, but by the final cost of the loan, which has increas significantly during this period.