Russian Top-10 Banks Raise Deposit Rates to 12.95% in Early September

The average maximum deposit rate among Russia's top-10 banks rose to 12.95% in early September from 12.90% in late August, per CBR data. This reflects continued monetary tightening or persistent inflationary pressure, likely ahead of a CBR rate decision. The move signals sustained high rates, supporting the ruble but weighing on growth.