MOSCOW, March 26. /TASS/. The volume of corporate funds in Russian banks in February 2024 increased significantly by 527 billion rubles ($5.7 bln); household funds in February amounted to 1.1 trillion rubles ($11.9 bln) (+2.5%), the Bank of Russia reported.

"The volume of corporate funds in February increased significantly (+527 billion rubles, or +1.0%) after the near-zero dynamics in January (-0.1%). The growth of household funds in February amounted to an impressive 1.1 trillion rubles (+2.5%) after a moderate outflow in January (-0.7%). This is not typical for February and is a record for this month," the report says.

The Bank of Russia noted that the growth of funds from individuals was affected by high rates on deposits (14.79% at the end of February) and the inflation-adjustment of social and insurance payments by 7.4% from January 1. The increase in funds of legal entities generally fits into the regulator’s annual forecast (8-12%, that is, less than 1% per month).

According to the regulator’s files, funds of legal entities mainly increased in ruble accounts - by 455 billion rubles ($4.9 bln) (+1%), which may be due to the receipt of budget funds under government contracts. Foreign exchange balances grew slightly - by 72 billion rubles ($779 mln) in ruble equivalent (+0.6%), which can be attributed to a slight decrease in the influx of yuan, including due to long holidays in China.

For individuals, only ruble balances increased - by 1.182 trillion rubles ($12.8 bln) (+2.9%). Funds in foreign currency decreased slightly - by 52 billion rubles ($563 bln) (-1.3%). Ruble funds grew both on current accounts (+674 billion rubles ($7.2 bln) or 5%) and in time deposits (+508 billion rubles ($5.5 bln) or 1.8%). The volume of funds in escrow accounts remained almost unchanged (-11 billion rubles ($119 mln) or -0.2%) after a moderate decline in January (-1.1%). This is due to an increase in mortgage lending amid a decrease in the volume of housing commissioning and, as a consequence, the disclosure of escrow accounts (266 bln rubles ($2.8 bln) after 421 bln rubles ($4.5 bln) in January).