Page 90 - RusRPTFeb24

8.1.3 Deposits
In December, the growth rate of corporate deposits doubled compared to November (+2.7 trillion rubles, or 5.2%, compared to +2.6% in November), largely driven by inflows from budget expenditure financing.
Overall, in 2023, the increase in company funds reached 14.7%, which is nearly one-third lower than the result for 2022 (20.6%). The main growth was observed among oil and gas, mining, and metallurgical companies due to the influx of export revenue. During this period, ruble balances increased (+7.1 trillion rubles, +18.2%), while foreign currency balances decreased (-224 billion rubles in ruble equivalent, -3.2 billion US dollars, -2.7%).
There was a significant seasonal increase in household deposits in December by over 6.9% (+2.9 trillion rubles), comparable to the growth in December 2022 (+7.6%). This was driven by the traditional advance payment of January pensions (which were additionally indexed), as well as the payment of social benefits and year-end bonuses.
Funds in rubles increased both in current accounts (+1.5 trillion rubles, +11.7%) and in term deposits (+1.4 trillion rubles, +5.5%). The attractiveness
90 RUSSIA Country Report February 2024 www.intellinews.com