Page 67 - bne IntelliNews monthly country report Russia February 2024

8.1.3 Deposits
In November, the influx of funds from legal entities was significant, reaching +1.3 trillion rubles (2.6%) following a weak performance in October (+0.2% due to the payment of large quarterly taxes). Corporate funds in November primarily increased for oil and gas, mining, and metallurgical companies due to the influx of export revenue.
The growth in funds occurred both in ruble accounts (+1.1 trillion rubles, +2.8%) and in foreign currency accounts (+2.4 billion US dollars, or 229 billion rubles in ruble equivalent, +2.0%).
The growth of funds from the population accelerated in November compared to October, reaching 2.1% from 1.4%.
Balances in rubles increased significantly (+851 billion rubles, +2.3%), while balances in foreign currency remained nearly unchanged, with a growth of +0.1 billion US dollars (+11 billion rubles in ruble equivalent, +0.3%).
There was a continued shift of ruble funds into time deposits (+1320 billion rubles, +5.5%) from current accounts (-469 billion rubles, -3.5%). Deposits
67 RUSSIA Country Report February 2024 www.intellinews.com