Page 106 - RusRPTApr24

8.1.3 Deposits
Corporate Funds Increase Significantly in February. Corporate fund volumes experienced a notable uptick in February, rising by 527 billion rubles, or 1.0%, following near-zero growth in January (-0.1%). However, this increase aligns with our annual forecast range of 8% to 12%, equating to less than 1% per month.
The primary driver of this expansion was the surge in funds held in ruble accounts, which increased by 455 billion rubles, representing a 1.0% rise. This trend may be attributed to the influx of budgetary funds from government contracts.
Conversely, foreign currency reserves saw a modest increase of 72 billion rubles in ruble equivalent terms, marking a 0.6% growth. This could be explained by a slight reduction in the inflow of yuan, partly due to prolonged holidays in China.
Overall, the increase in corporate funds reflects a dynamic economic landscape, with businesses adapting to changing market conditions and capitalizing on emerging opportunities.
106 RUSSIA Country Report April 2024 www.intellinews.com