According to the results of January-September 2023, Russians exchange dollars 2.3 times more often than euros. This is stated in a study by Russian Standard Bank, taken by the editors of socialbites.ca.
According to the bank, bank customers mostly purchased dollars from offices; the share of such transactions was 8% higher than sales. The average offline purchase of a dollar was $910 and the average sale was $689.
Russians sold dollars mostly through applications (online and mobile banking); the share of such transactions was 2.2 times greater than purchases. The average check for such transactions during the three quarters was $3,368 and sales were $938.
Euros were mostly purchased online; the share of such transactions exceeded sales by 19%. The average euro purchase amount in offices was 1,011 euros and sales was 523 euros. Online – €8,381 and €2,398 respectively.
Russians more often exchanged currency in branches; The share of such transactions was 86% compared to 14% for transactions made through applications. During this period last year, 77% of currency conversions took place at branches and 23% through applications.
“The general economic situation in Russia leads to increased volatility in the ruble exchange rate. At the beginning of the year, the global currency and energy markets were tense due to uncertainty regarding the situation with quarantine restrictions in China. The oil ceiling and the trade balance were not in favor of the ruble. At the same time, the sale of export proceeds softened the weakening of the ruble in August, but still failed to reverse the trend. In September, the ruble was supported by an increase in the Central Bank’s foreign exchange sales, verbal interventions, negotiations with exporters on additional sales of foreign currency earnings and possible foreign exchange control measures,” said the Department of Operations.
The study was conducted in October 2023. Russian Standard analyzed currency exchange features in Russia for three quarters of 2022 and 2023 based on customer transactions.
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