Page 89 - RusRPTOct23

8.1.3 Deposits
In August, corporate funds saw a significant increase, rising by 1,772 billion rubles, which represents a 3.7% growth. This growth was primarily observed in the oil and gas, metallurgical, and financial sectors. It can be attributed to the influx of revenue for companies, especially exporters, amid rising energy resource prices.
Both ruble-denominated (+1,479 billion rubles, +4.0%) and foreign currency balances (+3.2 billion US dollars, or +294 billion rubles in ruble equivalent, +2.8%) experienced growth. The inflow of foreign currency funds has been observed for the second consecutive month (+2.4% in July, or +2.6 billion US dollars), primarily among exporting companies. In the first half of 2023, there was an outflow of foreign currency funds amounting to 7.2 billion US dollars (-6.1%).
The growth of household funds slightly decelerated in August compared to July, with a 0.8% increase in August compared to a 1.1% rise in July. This slowdown could be attributed to seasonal increases in spending on vacations, preparations for the new school year, as well as households investing in real estate.
The increase was primarily seen in ruble-denominated balances, with a rise of 431 billion rubles or 1.2%. Notably, there was a shift of funds from current
89 RUSSIA Country Report October 2023 www.intellinews.com