0.8%

was the extent by which the total amount of individual deposits increased in January, accounting for the seasonal factor. This was the first growth in household deposits since October 2014.

The positive change is a consequence of the sharp rise in interest rates on deposits.

At the same time, there was a seasonally adjusted 0.8% increase in the volume of consumer loans provided by state banks. However, for the past nine consecutive months, private banks have continued to reduce their loan portfolios.

These data are presented in a new issue of the ‘Commentary on the State and Business’ newsletter, which is published by the HSE Centre of Development. The full text can be found in Russian at the webpage.