We don’t think that interest rates are the only factor, we always rcs data said there were six or seven reasons why people came to the stock market. I think interest rates were just a catalyst, but not the reason for this coming.
Still, the main reason is that the stock market has become more accessible, and the largest banks have decid to offer their client base not only deposit products, but also investment products.
These two factors were decisive – simplicity and active sales. In modern society, most people buy what they are sold, and if banks start selling, it means that some of the clients will buy it.
the inflow of individuals into the capital market:
The increase in interest rates by the Bank of Russia, the normalization of policy, is also transmitt to the stock market, it is transmitt in the increase in the interest rate of short-term OFZ and non-government bonds. And in this sense, the differential between deposit rates and rates of conditionally three-year bonds, I think, will more or less be preserv, because this is the meaning of the transmission mechanism.
We must give crit where crit is due
the successes in inflation targeting that we have achiev, the type of legal proceings regarding the determination of the child’s place of residence confidence that professionals have today in the monetary policy of the Bank of Russia, ruce the volatility of the long-term america email part of the OFZ curve, and in this sense, the low volatility of the 10-year point and the 15-year point on the OFZ curve has been news for the capital market in the last year or two. But the population often prefers shorter bonds, and here the rates are growing just like our key rate.