Page 91 - RusRPTFeb23

8.1.3 Deposits
In November, Russians' financial assets increased by RUB1.1 trillion, which is more than they grew in October (RUB0.8 trillion) but much less than they grew in September (RUB1.5 trillion), reports Sberbank CIB.
“Importantly, the outflow of households' capital abroad (i.e. the increase in foreign cash, securities and deposits) eased to RUB341bn in November, down from the levels of July-October. Ruble cash grew by only RUB69bn, after growing by RUB0.9 trillion in September and R0.5 trillion in October,” Sber said in a note.
After September and October, when Russians withdrew RUB497bn and RUB148bn from their deposits in local banks, in November they added RUB366bn to their bank accounts.
“All in all, the panic behaviour we began to observe in September (Russians withdrew cash from their accounts, transferred money abroad and purchased foreign currency) continued to dissipate in November,” Sber added.
Household liabilities grew by RUB321bn in November versus just RUB257bn
91 RUSSIA Country Report February 2023 www.intellinews.com