The average maximum interest rate on ruble deposits at Russia’s ten largest banks fell to 12.76% per annum in late June, down from 12.86% in mid-June and 12.97% in early June.
The decline marks a continued easing of retail funding costs, suggesting that the most intense phase of monetary tightening may be moderating as liquidity conditions stabilize.
The rate drop comes as the ruble maintained relative stability against the US dollar.
The Bank of Russia set the official exchange rate at 77.7539 rubles per dollar on June 30, a marginal increase of 69.28 kopecks compared to the previous period.
The euro was fixed at 88.6472 rubles.
These levels indicate that despite broader global dollar strength, the ruble has found a floor supported by capital controls and energy export revenues.