Sales of foreign currency by Russia’s largest exporters in September fell by 30% compared to August, to $8.3 billion. This was reported in the Financial Market Risk Review published by the Bank of Russia .
According to the Central Bank of the Russian Federation, in August the volume of currency sales by exporters amounted to $11.9 billion. The regulator attributes the decrease to a change in the structure of export settlements, in which the share of ruble payments increased.
“The demand for the ruble from foreign buyers of Russian products formed a mirror supply of foreign currency, which was reflected in an increase in its sales on the domestic market by Russian banks,” the Bank of Russia said in a statement.
The ratio of net foreign exchange sales to foreign exchange export revenues of the largest exporters in July 2024 was 83%, down 33 percentage points compared to June of the same year (116%).
In September, for the first time since August 2023, individuals switched from buying foreign currency to selling it, selling it for 55 billion rubles. For comparison, in August 2024, citizens sold currency for 6.7 billion rubles, and in September last year, on the contrary, they bought for 56.8 billion rubles.
Earlier, Turkey spoke about the US threats to disconnect the country from SWIFT.