Page 103 - RusRPTJan21

(+97bn rubles, or + 1.6%), mainly due to deposits and funds of the Ministry of Finance of Russia (+148bn rubles).
During the month, banks attracted additional funds from the Bank of Russia (+0.6 trillion rubles, or 19.5%) through repo transactions for 1 month with collateral in the form of OFZ.
Russians withdrew over 101 billion rubles ($1.37bln) from Sberbank last in November—the​ highest ruble withdrawals since December 2014, when a sharp depreciation of the ruble led Russians to take 167 billion from the bank. This is the third month in a row that ruble deposits at Sberbank have declined. Other banks are experiencing similar withdrawals. However, unlike in 2014, the cause of the outflows is not sharp ruble devaluation—in fact, the ruble has appreciated since the beginning of November. Rather, low interest rates and a boom in new mortgages are likely the culprit.
103 ​RUSSIA Country Report​ January 2021 www.intellinews.com