The National Bank to prevent banks from manipulating interest rates

The National Bank warned banks that any distortion of real interest rates using payments of fees would be regarded as a law violation. The National Bank limited interest rates on loans and deposits, and the banks have responded by applying various additional payments when issuing loans and additional rewards for the account holders. As a result, real interest rates on loans and deposits will fall, the agreements and conditions on loans and deposits will be unified, the lending activity will increase, and the volume of ruble deposits in the banking system will fall. In order to keep their profits banks might increase fines for overdue payments on loans. The competition for income of the citizens will shrink due to the sufficient volume of liquidity within the banking sector.