Evgeny Goryunov, Head of Monetary Policy Department at the Gaidar Institute, said in a commentary for Kommersant that even if interest rates fall, attractiveness of bank deposits will remain.
He believes the decline in inflation expectations is due to the slowdown in price growth since the beginning of the year, but this will not result in a significant increase in savings.
"In my opinion, I would not expect deposits to be replaced by other instruments. Nor would I expect a massive withdrawal of funds. Deposits remain a very profitable instrument amid current high interest rate, especially in terms of liquidity-to-profitability ratio," the expert emphasized.
He noted that market does not have any massive alternatives like before that could compete with deposits in terms of profitability and reliability.