Динамическая доходность по вкладам как новая реальность для розничных инвесторов

Сберегательное дело за рубежом. 2026. № 1. С. 40–49.

Soldatova A.

Within the classical macroeconomic paradigm, the key interest rate is considered the primary instrument of monetary policy. Through the transmission mechanism, it influences the cost of borrowing and saving, thereby regulating aggregate demand in the economy. Global interest rates today are highly uneven. This article examines the experiences of leading central banks under conditions of high inflation and increased volatility. It demonstrates that the current shift away from fixed rates on bank deposits is a global trend driven by the need to redistribute interest rate risks between banks and clients. Russian practice is viewed as an indicator of a leading trend. Retail products with dynamic yields (Key Leader, Key Moment) are appearing on the market, demonstrating the banking system's technological readiness for flexible pricing in response to the high volatility of the national currency and the Central Bank of the Russian Federation's key rate.

Keywords: инфляция, инфляционное таргетирование, банковские вклады, денежно-кредитная политика, inflation, monetary policy, bank deposits, inflation targeting, трансмиссионный механизм, ключевая ставка, key rate, transmission mechanism, floating interest rate, fixed interest rate, плавающая процентная ставка, фиксированная процентная ставка