Overview

• Five of the top‑20 banks cut deposit offers after the Sept. 12 move, with 13 of the top‑20 lowering rates this month as average one‑year yields in the group fell 0.24 percentage points to 13.23%.
• A survey and market expert report a shift from roughly 15% deposits toward higher‑yielding bonds at about 18–21% and, to a lesser extent, equities.
• Former finance minister Mikhail Zadornov estimates each 1 percentage‑point reduction in the policy rate cuts federal spending on debt service and subsidies by about 230–250 billion rubles per year.
• Developers say the smaller‑than‑expected 1 percentage‑point step could halt some planned acquisitions even as floating‑rate loans become cheaper, saving a mid‑sized Moscow builder roughly 1.5–2 million rubles per day.
• The central bank marked a third straight reduction to 17% and indicated future steps hinge on inflation dynamics and clarity around new budget settings.