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Friday, February 23, 2024

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Russians Dump US Dollar Savings In Favour Of Euro And Other Foreign Currencies

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On Thursday, the Central Bank of Russia purchased $196 million worth of foreign currency on the domestic market  amid a surge in currency sales among Russian citizens. It reported that Russian have started to exchange currency more often in the first half of 2021. Volumes of foreign currencies exchanged in June soared by 29% compared to last year with the average check amounting to $1000.

Russians have been increasingly keen to get rid of their US dollar savings, with sales surging by 10% compared to last year, while the purchases of US currency decreased by 24% in January-June 2021. The situation with the euro was reversed, with Russians selling it 22% less than 2020 and buying it 29% more. The volume of currency sold on the domestic market totalled 1.685 trillion rubles ($22.27 million) in the first six months of 2021.

The Central Bank stated, “At the exchange trading, there was an increase in demand for foreign currency from non-residents. However, in general, there was no shortage of foreign exchange liquidity in July, the ruble strengthened against the US dollar and euro at the end of the month.”

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