Page 98 - RusRPTSept23

8.1.3 Deposits
Following the outflow experienced in June (-1.0%), corporate funds saw a moderate increase in July (+349bn rubles, +0.7%). This growth occurred despite a substantial volume of taxes being paid (refer to page 9 for details).
Both ruble-denominated (+120bn rubles, +0.3%) and foreign currency balances (+2.6bn US dollars, equivalent to +229bn rubles in ruble terms, +2.4%) exhibited growth. Notably, this growth was prominent in yuan balances, particularly among companies in the oil and gas, metallurgical, and chemical sectors. These gains can be attributed to the receipt of export revenues.
The resurgence in corporate funds indicates a positive turn in financial dynamics, with businesses replenishing their balances and demonstrating financial resilience even in the face of tax obligations. This signals a certain level of stability within these sectors, contributing to a more secure economic outlook.
In July, household funds continued to grow, albeit at a slightly slower pace of +1.1% compared to +2.1% in June.
RUSSIA Country Report September 2023 www.intellinews.com