Assets of Russian financial system continue to grow in 2023
Aggregate assets of banks, brokers, insurers, management companies and other financial institutions grew by 28% last year. Traditionally, banks were the main contributors followed by assets in brokerage accounts and assets of unit investment funds.
The share of the US dollar and euro in banks’ assets and liabilities continued to decline, whereas the share of the yuan grew. This was driven by the expanding use of the Chinese currency in export and import transactions, which also increased lending in yuan.
Households resumed investment in the financial market. Regardless of high deposit rates and the existing restrictions on purchasing assets of companies from unfriendly countries, last year saw an inflow of households’ funds into brokerage accounts and collective investment instruments.
More details are available in the analytical commentary Review of the Russian Financial Sector for 2023.