Page 82 - RusRPTDec22

8.1.3 Deposits
The funds of legal entities decreased by RUB0.5 trillion in October, or -1.1% (in September there was an increase of 2.3%), mainly due to payments dividends and taxes by companies from the oil and gas industry.
At the same time, currency balances were expected to shrink (-$11.1bn US dollars, or -RUB639bn in equivalent, -8.3%), and increased slightly (RUB172bn , or 0.5%), including due to partial currency conversion.
Since the beginning of the year, foreign currency funds have decreased by almost by $28bn (-RUB1.7 trillion in equivalent, or ~20%).
Public funds increased by RUB547bn. (+7.6%).
Despite the significant amount of government spending, in October revenues budget exceeded spending due to increased tax receipts (was received tax on additional income from hydrocarbon production and income tax for the III quarter, as well as a temporary allowance for the MET).
The Russian Ministry of Finance placed OFZs in the amount of RUB215bn, of which about half were bought by Russian banks.
In October, for the sector as a whole, the volume of borrowings from the Bank Russia remained practically unchanged (RUB5bn , or +0.1%).
The outflow of household funds (excluding escrow accounts) slowed in October up to RUB98bn rubles. (-0.3%) after -RUB458bn was withdrawn in September.
Foreign exchange balances decreased by $3.7bn, or -RUB211bn equivalent (-6%), which is related both to conversions in rubles, and with transfers abroad.
Ruble accounts with this increased by RUB113bn (+0.4%) entirely at the expense of current accounts (RUB122bn, +1.2%), despite some growth deposit rates (up to 6.84% in the third decade of October from 6.54% in the third decade of September).
However, in the first half November, an increase in term deposits was recorded (tentatively ~RUB100bn) amid ongoing growth rates (up to 6.98% in the first ten days of November).
82 RUSSIA Country Report December 2022 www.intellinews.com