OREANDA-NEWS A decrease in inflation to five percent may lead to a reduction in the Central Bank's key rate, which means an outflow of household money from deposits. Alexander Rubinstein, a senior researcher at the Institute of Economics of the Russian Academy of Sciences, warned about this. He was quoted by Izvestia.

He did not rule out that as a result, the money supply, which the economist estimated at about ten trillion rubles, could pour into the market. The result of this could be an acceleration in price growth to 16.5 percent.

In turn, Dmitry Gritskevich, PSB's banking market analysis manager, noted that so far banks have not noticed the mass withdrawal of depositors. However, the transition from the savings model to the consumer model may take about six months. By that time, inflation will go up again and the Bank of Russia will have to sharply increase the rate.

According to the Finuslugi marketplace, in early September 2025, average deposit rates in the twenty largest Russian banks by market capitalization fell to their lowest levels since the beginning of the year.