Evgeny Goryunov assessed the prospects of savings certificates with increased insurance
Evgeny Goryunov, Head of the Monetary Policy Department at the Gaidar Institute, commented to Rossiyskaya Gazeta on the authorities' decision to raise the insurance indemnity limit for irrevocable savings certificates with a term of more than three years to Rb2.8 mn. He expressed doubts that this measure would significantly increase the popularity of certificates among the population.
"For banks, such an instrument is convenient, but how attractive it will be for investors is a question. In the current highly turbulent environment, depositors will surely demand a sufficiently high interest rate to compensate for the risks of money freezing. However, it is not too beneficial for banks to pay higher interest rates. Therefore, in the near future, the share of funds attracted by banks through certificates is likely to be small and will not become a significant source of long liabilities for banks," the expert explained.
According to Evgeny Goryunov, the key factor restraining interest in irrevocable certificates is the inability to withdraw money ahead of schedule. In an unstable economic environment, depositors are likely to prefer the opportunity to promptly dispose of their funds, even despite the increased insurance.
Thursday, 17.04.2025