Page 89 - bneIntelliNews monthly country report Russia May 2024
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8.1.3 Deposits
Significant Decrease in Corporate Funds Due to Tax Transfers
A notable decline in corporate funds amounting to 883 billion rubles (-1.6%) primarily occurred in the last decade of the month, following a 1.0% increase in February. This decrease was largely attributed to tax transfers to the budget, including corporate income tax and additional income tax from oil and gas companies, totaling around 0.6 trillion rubles for the year 2023, as well as VAT for the fourth quarter of 2023.
Both ruble (-790 billion rubles, -1.8%) and foreign currency balances (-92 billion rubles in ruble equivalent, -0.8%) experienced reductions.
Population Funds Continue Active Growth for Second Consecutive Month
The active growth of population funds persists for the second consecutive month, with an increase of 0.9 trillion rubles (+1.9% compared to +2.5% in February), attributed to rising citizens' incomes and high deposit interest rates.
Only ruble balances saw an increase, rising by 893 billion rubles (+2.1%),
89 RUSSIA Country Report May 2024 www.intellinews.com
