One-time payments to those mobilized ensured the growth of ruble deposits in November

The Bank of Russia recorded an inflow of ruble funds in November, both to current accounts and time deposits. This was partly ensured by one-time payments to military personnel, according to an information and analytical commentary (.pdf) Central Bank for November.

According to Bank of Russia analysts, the growth of ruble deposits is also due to the growing attractiveness of ruble savings instruments, primarily long-term ones, due to higher deposit rates. The Central Bank expects that in the short term, the population’s interest in ruble deposits will continue to recover, and the foreign currency savings of Russians will decline.

November 3 Vladimir Putin signed decree on a one-time payment of 195 thousand rubles. military personnel who signed a contract during a military special operation in Ukraine. The decree also applies to mobilized citizens.

At the same time, the Central Bank fixed slowdown in the growth of household deposits from 6.6% at the beginning of September to 4.4% at the end of the month. This was caused by the outflow of Russian funds after the announcement of partial mobilization. Banks responded by raising ruble deposit rates, which continued in October.

Erdni Kagaltynov