Page 102 - RusRPTJan23

Growth was also provided by proceeds from OFZ placement: in November, the Russian Ministry of Finance placed them on record RUB 1.3 trillion (at the same time, the volume of demand exceeded RUB3 trillion ), of which ~90% were purchased by Russian banks .
In November, banks also increased their borrowings from the Bank of Russia (RUB0.5 trillion , or +11.2%), including on the security of repurchased OFZ.
Moderate inflow of household funds was noted in November (without escrow RUB311 billion , or 0.9%) after a 0.3% outflow in October. The growth of residuals was influenced, among other things, receipt of dividends from Gazprom.
For the first time since August, term deposits also increased RUB58 billion , +0.3%) amid rising interest rates on them (up to 7.3% in the third decade of November from 6.8% in the third decade October).
Foreign currency funds declined slightly further (-$0.7bn).
USA, or -RUB43 billion in equivalent, -1.2%), up to $56 billion (RUB3.4 trillion in equivalent). At the same time, since the beginning of the year, the share placements of individuals in foreign currency decreased to 10 from 20%.
Household escrow funds decreased in November by 0.6% (-RUB25 billion ) after a slight increase in October (+1.5%, or RUB60 billion ) due to the acceleration of their disclosure due to active input of finished objects, as well as some reduction in prices for apartments in order to stimulate sales.
102 RUSSIA Country Report January 2023 www.intellinews.com