Page 113 - RusRPTJul24

8.1.3 Deposits
The Central Bank increased its prediction for the growth of household funds held in bank accounts this year to between 14% and 19%. Previously, the prognosis was between 8% and 13%. Expectations for businesses remain the same. By the end of 2024, lending is expected to increase sharply in all sectors: the issuance of consumer loans will be up as much as 12%, corporate loans by up to 13% and mortgages up to 12%.
Corporate Funds in Russia Decrease in May Following Tax Payment Shifts
Corporate funds in Russia decreased by 1.3 trillion rubles (-2.2%) in May, following a significant influx of 5.0% in April. This fluctuation is attributed to the shifting of tax payments for April and the first quarter of 2024 to early May, indicating that a combined analysis of April and May is more meaningful. Over these two months, corporate funds increased by 1.4 trillion rubles (+2.7%).
Ruble and Foreign Currency Deposits
The reduction was solely in ruble-denominated funds, which declined by 1.6 trillion rubles (-3.6%). In contrast, foreign currency deposits showed moderate
113 RUSSIA Country Report July 2024 www.intellinews.com