Russia’s largest exporters boost currency sales to $12.4 bln in February – Central Bank
MOSCOW. March 10 (Interfax) – Russia’s largest exporters boosted their respective currency sales 25% month-on-month to $12.4 billion in February from $9.9 billion in January, the Central Bank of Russia said in a published overview of financial market risks.
The ratio of net foreign currency sales to export revenue of the largest exporters in December 2024, which the Central Bank provides with a lag, was 102%, up 26 percentage points month-on-month.
Russia’s population switched to small net purchases in February after five months of net currency sales. Citizens overall purchased currency totaling 6.5 billion rubles in the month after selling currency totaling 32.9 billion rubles in January. The population sold currency totaling 12.5 billion rubles in the first ten days of February and purchased currency totaling 19.0 billion rubles in the rest of the month.
“The transition to net purchases of foreign currency occurred amid the ruble strengthening sharply. As a rule, the population buys foreign currency on the forex market when the ruble is strengthening,” the Central Bank said.
The ruble exchange rate actively strengthened throughout February amid expectations of easing in geopolitical tensions, as well as a possible decline in import volumes.
The ruble’s strengthening resulted in a narrowing of spreads to purchase/sell foreign currency in cash, declining on average from 3.83 rubles for transactions with the U.S. dollar in January to 3.41 rubles in February and from 3.19 rubles to 3.09 rubles, respectively, with the euro. The Central Bank said that spreads remain above the average for 2024, namely 2.63 rubles for the dollar and 2.60 rubles for the euro, amid ruble volatility.
