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Households’ funds with banks soar by $58 bln year-to-date

According to the Bank of Russia, funds in rubles grew at current accounts, deposits and term deposits

MOSCOW, August 22. /TASS/. Households’ funds with banks surge by 11.8% or by 5.3 trillion rubles ($58 bln) from the year-start, which is more than two times above last-year figures, the Bank of Russia informed.

Households’ money with banks gained 600 bln rubles ($6.6 bln) in July or 1.1%. "This may be associated with high vacation spending. Only ruble balances were growing, as in June. Growth stood at 586 bln rubles ($6.4 bln) (+1.3%), while currency funds contracted by 24 bln rubles ($262.6 mln) in the ruble equivalent (-0.7%)," the Central Bank noted.

According to the Bank of Russia, funds in rubles grew at current accounts, deposits and term deposits.

Corporate funds with banks increased by 836 bln rubles ($9.1 bln) or by 1.6% this July after a moderate outflow by 0.5% in June, the Bank of Russia informed at the same time.

"Incremental growth was provided by ruble and currency balances to an almost equal extent. Funds in rubles increased by 462 bln rubles ($5.1 bln) (+1.1%). The currency inflow stood at 374 bln rubles ($4.1 bln) in the ruble equivalent (+3.7%), mainly with exporting companies," the regulator noted.