"Nabiullina Lost."

• 20.10.2025, 16:51

The Russian Central Bank has lost control of the situation.

A new wave of struggle for citizens' deposits is beginning in Russia. Banks are raising interest rates one after another, reacting to the deteriorating financial situation in the country and the growing liquidity shortage.

Russian economist Vyacheslav Shiryaev writes about it in Telegram.

He stated that the Russian Central Bank has lost control over the situation.

"The Central Bank has lost: banks are once again raising interest rates on deposits amid a liquidity crisis, accelerating inflation and dashed hopes for a rate cut... The economy has gone on a penalty lap, but this time - already in a burning forest," the expert wrote.

One of the first to go up was VTB, increasing the yield on a wide range of deposits by 1.5 percentage points at once. It was followed by Yandex-bank and Moscow Credit Bank. Such a move reflects the desperate attempts of financial institutions to attract funds from the population to compensate for the shortage of circulating resources.

In Shiryaev's opinion, Russia's banking system has come to a dangerous line.

"Customer money must be extracted at any cost and let into the GKO OFZ pyramid," Shiryaev explained.

He warns that in the coming months the financial sector is expecting "an auction of unheard-of generosity": banks will offer increasingly favorable terms, fighting for every penny.

It should be noted that the head of the Russian Central Bank Elvira Nabiullina is in favor of raising the key rate, which causes criticism from the Kremlin.