April 2023 Russian Household Deposits Rise Across Banks

There was a notable uptick in household deposits across Russian banks in April 2023, with a rise of 604 billion rubles. This figure comes from a Central Bank report on the development of Russia’s banking sector for April 2023 and reflects a broader trend in consumer savings during the spring. The increase is described as substantial, especially when looking at it alongside the relatively modest growth seen in March. In April, household deposits excluding escrow accounts grew by 1.6 percent, a meaningful jump after a 0.7 percent expansion the previous month. The data highlight how savings behavior shifted as people prepared for upcoming social transfers and holiday periods. [Attribution: Central Bank of Russia, April 2023 report]