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Volume of Retail Bank Deposits Grows at an All-Time High

RUSSIA
  • The volume of retail bank deposits has grown at an all-time high, Izvestia report. In the January-November period, the figure increased by RUB 5.2trln to almost to RUB 28trln. The main reasons for the increase are the increase in the key rate and the resulting increase in the profitability of deposits, “experts” who spoke to the newspaper said. They add that increasing confidence in banks since 2022 has also contributed, and that the developments will help to reduce inflation.
  • Russia’s refined fuel exports extended gains to the highest since early April on a four-week average basis, driven by bigger diesel flows, Bloomberg report. Oil product shipments averaged 2.8 million barrels a day in the four weeks to Jan 7, according to data compiled by Vortexa Ltd. That’s almost 4% higher than the previous week.
  • There are no economic releases on the local slate today. CPI data is the key release of the week on Friday where headline CPI is expected to rise +7.60% y/y, +0.9% m/m.

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