Situation with household funds held at banks stabilises in March

Bank of Russia measures taken in late February — early March prevented large-scale bank runs.

In March, ruble deposits and accounts grew by 0.6 trillion rubles overall, mainly due to term deposits offered at high interest rates. Foreign currency-denominated accounts registered an outflow of about 9.8 billion US dollars, whereas in March, this outflow was gradually decreasing and then it came to an end in early April.

As expected, lending slowed down, with the corporate portfolio and consumer lending declining by 0.3% and 1.9%, respectively (according to preliminary data). Mortgage lending has not yet slowed down (growth of about 2%) owing to government mortgage programmes and the issuance under previously approved transactions.

More details are available in the information and analytical material Russian Banking Sector Developments in March 2022.