Page 111 - RusRPTJul23

8.1.3 Deposits
In May, there was a continued moderate inflow of funds from the population, amounting to 443bn rubles, or a 1.2% increase (compared to a 1.6% increase in April). This is atypical for May, considering the significant social and budgetary payments made during this period.
There was a significant increase in placements on ruble current accounts, with a growth of 380bn rubles, or 3.0%. Ruble term deposits also saw an increase of 141bn rubles, or 0.7%. These increases can partly be attributed to the rise in deposit rates, reaching 7.75% in the third decade of May, up from 7.64% in the third decade of April.
Currency balances, on the other hand, decreased by 1.0bn US dollars (equivalent to a decrease of 79bn rubles or 2.1%). This decline can be attributed to ongoing currency-to-ruble conversions, as well as potential fund transfers abroad.
The growth in funds held in escrow accounts accelerated more significantly in May, with an increase of 156bn rubles, or 3.8%, compared to a 2.1% increase in April. This can be attributed to a slower pace of disclosure (preliminarily
111 RUSSIA Country Report July 2023 www.intellinews.com