Page 94 - RusRPTMay21

8.1.3 Deposits
RUB deposits were nearly flat MoM (+0.2%), with the retail part advancing 0.6% MoM and corporates reducing their placements 0.3% compared with 1 March. The YoY aggregate figure descended from 11.3% to 9.6%, a 12-month low. The yearly growth for the corporate and retail sides of the portfolio has converged: the former fell from 14.2% to 9.7%, while the latter advanced from 9.0% to 9.5%.
Retail deposits are down over 2% in 1Q21, in part due to low interest rates on deposits, a weaker ruble and pickup in consumer spending.
On the corporate side, government sector deposits rose by 23% in March 2021, or R1.3 trln in absolute terms, due to tax inflows (including 2020 income tax payments) and cash inflows from the issuance of new OFZs by the Finance Ministry.
Funds of legal entities in March decreased by RUB187bn or -0.6%) due to a decrease foreign currency balances which were down by RUB3bn, or RUB222bn in ruble equivalent, including in connection with the payment of taxes and dividends by individual companies. Together however, ruble funds showed weak growth and were up +35bn.
Household deposits decreased by RUB93bn or -0.3%), after a slight increase
94 RUSSIA Country Report May 2021 www.intellinews.com