Andrei Goncharov
Chief Executive Officer, OJSC Pervobank
In September the rates of MosPrime 3M are likely to remain above 10%. Further growth is possible in the event that the pressure on the rouble exchange rate will increase and the Bank of Russia will take counter-measures in terms of increase of the key rate. "Overnight" rates will tend to the range of 8.5-9%, but it is not excluded to have local crashes below 8% as it was in August.
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Stepan Tchitipakhovyan
Chief Executive Officer, Transstroybank
The dynamics of the rouble rates in the interbank market will depend on the interest rate policy of the Bank of Russia. In case of rise of the key rate we have to expect increase of rates on the interbank market.
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Aleksey Ovchinnikov
Vice-President, Ural Bank of Reconstruction and Development
Growth rates in the interbank market in fact has already occurred, because an increase in the key rate of the Central Bank causes a change in the value of loans from the Bank of Russia (including those disbursed previously) and the cost of the REPO. Since the Central Bank is currently the largest lender in the financial market of Russia, then increase of the key rate means for the banks a decrease of the margins and profitability in lending operations and REPO transactions.
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