Page 99 - RusRPTSept23

The primary contributor to this growth was the increase in placements on ruble-denominated current accounts, which saw a rise of +427bn rubles (+3.1%). Ruble-denominated time deposits also experienced a minor uptick (+91bn rubles, +0.4%) due to the maintenance of favorable deposit rates (8.11% in the third decade of July, up from 7.83% in the third decade of June).
Foreign currency balances decreased by $0.9bn US dollars (-76bn rubles in ruble terms, -1.9%). This decline can be attributed, in part, to the ongoing conversion of currency funds into rubles and overseas transfers (amounting to around $3bn US dollars in 2023).
The growth in funds held in escrow accounts demonstrated a slightly accelerated pace compared to June (+133bn rubles, or +3.0% in July, as opposed to +99bn rubles, or +2.3% in June). This acceleration can be linked to the increased sales of property and consequently higher mortgage issuances, along with a slight reduction in the volume of disclosed accounts (preliminarily down to 240bn rubles in July from 254bn rubles in June).
RUSSIA Country Report September 2023 www.intellinews.com