In the first half of 2024, Russians were 29% more likely to sell cash dollars than to buy them. The euro was sold 35% more often than it was bought. This is stated in a study by Russian Standard Bank based on the analysis of customer statistics (available from socialbites.ca).
According to the bank, the total number of transactions made in dollars was 2.3 times that in euros. The average bill for a foreign exchange transaction made in dollars in June was $747, and in euros it was €607.
In January-June 2024, Russians mainly exchanged dollars and euros at bank branches; such transactions accounted for 91% of all conversions. The share of cash currency increased by 8 percentage points overall.
Non-cash dollars were also sold more often than bought (by 8%) in the first half of 2024. Euros were bought and sold online with almost the same efficiency.
“By the end of the first half of the year, exchange rates were subject to increased volatility due to the increasing sanctions pressure, the peak of which was the Moscow Exchange’s inclusion of the US in the stop list. As a result, we see a noticeable strengthening of the ruble, caused by the decrease in importers’ demand for foreign exchange due to persistently high export revenues and difficulties in foreign trade agreements. This fact of support outweighed the negative factors for the national currency,” said Maxim Timoshenko, director of the financial markets operations department at Russian Standard Bank.
The expert identified high budget spending, which provides an inflow of money into the economy, and the correction in oil prices as negative factors for the ruble.
The study was conducted in July 2024.
Previously reportedThe demand for currency has increased in Russia.