The CBR has published its July statistics on interest rates for corporate loans and retail accounts for up to one year. The key takeaways are as follows.
Corporate lending rates dropped 10bp MoM to 10.0%, returning to their May Levels.
Retail term deposit rates also decreased, dropping 20bp MoM to 7.8%. The spread stayed flat MoM.
The decline in lending rates after the growth for six consecutive months came as surprise. However, we expect a rebound in August and that to support a NIM rebound in 2H12.