Page 107 - RusRPTApr24

Population Savings Witness Impressive Growth in February. The increase in household savings amounted to a substantial 1.1 trillion rubles (+2.5%) following a modest outflow in January (-0.7%). This surge, unprecedented for February, marks a record high for the month. Contributing factors include elevated deposit rates (14.79% as of late February) and the 7.4% indexation of social and insurance payments effective from February 1st.
Ruble balances experienced the bulk of the increase, rising by 1.182 trillion rubles (+2.9%), while currency holdings remained largely unchanged, decreasing by 52 billion rubles in equivalent terms (-1.3%).
The growth in ruble balances was observed across both current accounts (+674 billion rubles, +5.0%) and time deposits (+508 billion rubles, +1.8%).
The volume of funds in escrow accounts remained relatively stable, showing a marginal decrease of 11 billion rubles (-0.2%) following a moderate decline in January (-1.1%). This trend is attributed to increased mortgage lending amidst reduced housing construction volumes, leading to the disclosure of escrow accounts (amounting to 266 billion rubles after 421 billion rubles in January).
The remarkable expansion of population savings underscores a cautious approach to financial management amidst economic uncertainty, with individuals seeking to maximise returns on their investments in the face of fluctuating market conditions.
107 RUSSIA Country Report April 2024 www.intellinews.com