Page 90 - RusRPTJul21

8.1.3 Deposits
Corporate deposits significantly increased in May to RUB785bn, up 2.4%, of which RUB591bn was in local currency and in foreign currency $2.6bn, or RUB194bn in ruble terms, mostly held in a few large companies in the oil and gas and mining industries.
In May, there was an expected reduction in household funds down by RUB479bn, or 1.5%, after a significant inflow in April of RUB942bn, or 2.9%, due to the payment of social support payments, including pensions, in connection with the announced additional non-working days 11 ordered by Russian President Vladimir Putin.
In May, the main outflow of funds occurred from current accounts (-RUB287bn), although time deposits also decreased (-RUB192bn). The strong growth of funds in escrow accounts to pay for real estate continues with RUB180bn of inflows up 10.1% m/m, although the pace of growth is a little slower than in April (13.2%), which is also consistent with the dynamics of mortgages.
Retail deposits increased by RUB0.8 trillion (up 10.7%) mainly due to payments by the Federal Treasury to the population as social support (RUB658bn).
90 RUSSIA Country Report July 2021 www.intellinews.com