Page 92 - RusRPTJun21

8.1.3 Deposits
Funds of legal entities practically did not change in April (-RUB21bn, or 0.1%), but at the same time their currency structure slightly changed due to the outflow of funds (-RUB238bn) and the corresponding increase in foreign exchange ($2.9bn, or RUB217bn equivalent).
Household funds grew by a significant RUB942bn. (+ 2.9%) entirely at the expense of current accounts (+RUB1024bn , or 8.9%). The growth was due to the declared non-working days between May holidays, due to which part of social benefits (including pensions) and salaries for May were paid in advance in April. Thus, given seasonal growth in consumer spending in May, a moderate outflow of deposits can be expected.
The inflow of funds from the population in escrow accounts, supported by the growth of mortgages, continued to increase (RUB208bn , or 13.2%).
A significant increase in public funds (RUB0.9 trillion, or 12.9%) is associated with large tax revenues to the budget (in April VAT was paid for the first quarter of 2021, and some companies paid the annual income tax for 2020) against the backdrop of moderate government spending, as well as funds received from the placement of OFZs.
92 RUSSIA Country Report June 2021 www.intellinews.com