Page 93 - RusRPTApr21

8.1.3 Deposits
Funds of legal entities in February increased significantly by RUB647bn (+ 2.0%), including both ruble (+RUB384bn) and foreign exchange balances (+3.4bn US dollars, or +RUB262bn rubles in ruble terms).
The inflow was mainly provided by companies from the oil and gas and energy industries. The portfolio growth was ensured by middle weight banks (+RUB673bn).
Household funds increased by RUB118bn (+ 0.4%) after a seasonal churn in January (-2.7%). At the same time, current accounts grew (+RUB321bn, or + 2.9%), while time deposits decreased (-RUB202bn, or -1.0%), including due to low deposit rates (4.51% 11 in the third part of February).
Simultaneously with the acceleration of mortgage lending in February, household funds in escrow accounts were actively growing (+RUB154bn, or + 12.5%), the monthly inflow of, which practically reached the values of November-December 2020 (about RUB170bn rubles).
In February, there was a significant increase in public funds (+RUB1.6 trillion, or + 41%), in particular from the Federal Treasury after budget revenues main non-oil and gas taxes (VAT, personal income tax, income tax) and in connection with the transition to the Single Treasury Account, which allowed the department to increase the amount of funds available to placement.
93 RUSSIA Country Report April 2021 www.intellinews.com