Page 94 - RusRPTNov23

3.4%) to time deposits (up 959bn rubles, a growth of 4.3%). Time deposits remained attractive due to rising interest rates, reaching 10.19% by the end of September compared to 9.66% at the end of August, following another round of key rate increases to 13% in mid-September.
The bulk of the inflow of funds was directed towards short-term deposits of up to six months, for which banks offered the most attractive rates, with some reaching 13-14% annual interest.
Funds held by the population in foreign currency continued to decrease, down by 0.9bn $(equivalent to 86bn rubles, a decrease of 2.1%). This decline may have been driven by a desire to convert currency into rubles at a favorable exchange rate.
In September, the growth of funds in escrow accounts reached a record 403bn rubles, showing an 8.3% increase compared to a 7.0% growth rate in August. This substantial growth was linked to a significant increase in mortgage lending.
94 RUSSIA Country Report November 2023 www.intellinews.com