The GLOBEX bank (Moscow) has decided to raise deposit interests after a reduction early this year. In the beginning of the year, the CBR ordered the bank, which takes part in the deposit insurance system, to cut deposit rates. The bank tried to challenge the order at court, but eventually cut the rate by 1.0—2.0%. Effective July 1, the bank will for the first time raise rates by 0.35—0.75%, depending on currency and deposit term. The rise will affect the most popular household accounts ranging from six months to three years (rouble) and 90 days and more (forex). Under the terms of contracts, the bank may change rates quarterly.
Source: KLERK.RU, June 27, 2006
