Russian Public's Rouble Deposits Go Up

Russian residents' national currency deposits went up 5.4% over the first quarter of 2003 as against last year's first quarter, reports the Russian economic development and trade ministry. This is due to a rise in the public's real cash incomes, which have increased 16.9% since the year's start, according to the ministry.

Time, or fixed, deposits are getting increasingly more popular than demand deposits, the fact that testifies to the public's greater trust in national currency, believes the ministry.

The public's foreign currency deposits went 0.2% down over the past 3 years, which is a result of a lower dollar rate and uncertainty as to its further dynamics. The official rate of dollar against rouble has slid 1.3% since the year's start.

As of April 1 2003, Russia's gold and foreign currency reserves amounted to US$55,5 billion, said the ministry.