Page 93 - RusRPTNov21

8.1.3 Deposits
In September, a significant inflow of funds from legal entities continued who deposited RUB633bn, an increase of 1.8% m/m, after a 2.4% gain in August, mainly through the accounts of companies from the oil and gas and metallurgical industries, which is associated, among other things, with high energy prices and growth export proceeds.
At the same time, the growth was largely provided by funds in foreign currency $3.3bn (worth RUB241bn equivalent), up by 2.1%.
Household funds increased by RUB273bn, up by 0.8% m/m, after near-zero growth in August (0.1%). However, in September, about RUB0.5 trillion were transferred as social payments to pensioners, without which, the growth would have been significantly less.
It is wrong to exclude these additional funds altogether to estimate the underlying growth, because without them there could be less spending and withdrawals, the CBR said in a note.
At the same time, it is important that for the second month in a row, funds on fixed-term deposits of the population are growing quite actively, increasing by RUB172bn, or 0.9% m/m.
93 RUSSIA Country Report November 2021 www.intellinews.com