Page 86 - RusRPTDec21

8.1.3 Deposits
The RUB funding base continues to grow at a much slower pace than RUB lending. In September, retail deposits were 1.0% higher MoM with the y/y figure at 11.6%. Corporate deposits increased by 1.4% in MoM terms, yet the yearly growth subsided from 9.0% to 8.1% – the minimum since February 2020.
In October, the growth of corporate funds slowed down to 0.3% (up RUB97bn) after a significant growth in September (1.8%).
This is probably due to the significant tax payments by companies. At the same time, there was a moderate outflow of funds in foreign currency (down $2.1bn, or down RUB154bn in ruble terms, or 1.3% m/m).
Household funds increased by RUB194bn (up 0.6% m/m), with a greater increase time deposits (RUB130bn, or 0.6%m/m) against the background of continuing growth in deposit rates - the average maximum rate for deposits increased by 0.4 percentage points to 6.7% in the third week of October compared to the third week of September.
The growth of household funds in escrow accounts remains at the August-September level (of RUB145bn) due to the steady issue of mortgage loans.
Public funds decreased by RUB31bn. (-0.3%), including due to the fact that the Federal Treasury did not fully place in banks the free funds accumulated on his
86 RUSSIA Country Report December 2021 www.intellinews.com