Exec says Sberbank expects no deposit outflow on new tax

MOSCOW, Apr 2 (PRIME) -- The Russian biggest lender Sberbank does not expect that introduction of a tax on income from large deposits would cause a serious deposit outflow or a significant rise of interest rates, Deputy CEO Anatoly Popov told PRIME in an interview published Thursday.

The president signed into law on Wednesday a bill charging a 13% tax on interest revenue from deposits in Russian banks. The taxable base is calculated as 1 million rubles plus the key rate as of January 1 of the corresponding year.

Popov said, "The March dynamics of deposits, which must show how weakening of the ruble and market volatility affected client behavior is important now. We do not expect in general that introduction of the deposit interest rate tax will cause a serious outflow from deposits or a significant interest rate growth."

The official said that the tax will be implemented from 2021 and payments will start from 2022. "Even taking into account taxes, the debt instruments and deposits are a more attractive instrument with the current volatility and growth of demand for less risky instruments," he said.

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