The real interest rates for individual deposits in rubles at commercialbanks with a term of one year or longer decreased from 1% in June of thisyear to 0.8% in July, as a result of the inflation rate reaching 0.7% inJuly compared to 0.5% in June. In January-July of this year the realprofitability of deposits in rubles was at 0.8%, the Macroeconomic ResearchCenter of the UNIKON/MS Consulting Group company reported. A decrease in the nominal euro rate against the dollar by 0.87% took placein July of this year. As a result, the nominal euro rate against the rublehas fallen by 0.9% for the first time since the beginning of 2002. This hasaffected the real ruble profitability of one-year deposits in euros, whichhas become negative, declining to -1.2%. In January-July, the real rubleprofitability of deposits in euros reached 9.3%. The real rubleprofitability of deposits in US dollars in July was negative, falling tominus 0.1%, and the corresponding figure for January-July of this year wasminus 0.6%. In the opinion of experts of the Macroeconomic Research Center, the realinterest rates for deposits in rubles with a term of one year or longerwill remain positive in the short term. The deposits in euros may lose itsattractiveness due to the beginning of a decline in the euro rate againstthe US dollar. "Dollar deposits are still unprofitable, and one should notexpect any changes in this trend in the short term," the report by theMacroeconomic Research Center reads. .
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