The record purchase of foreign currency on the Moscow Stock Exchange by individuals in July 2022 is explained by the desire to attract dollars and euros from abroad. This opinion was expressed by BCS Mir Investments stockbroker Valery Yemelyanov in a conversation with socialbites.ca.
“For people who can withdraw money abroad and have accounts abroad, buying dollars and euros is the easiest investment idea. People seize the opportunity to buy cheap currency until the exchange rates fluctuate, ”Emelyanov emphasized.
He added that in the context of Western anti-Russian sanctions, buying money on the stock market is not only the cheapest option to get it, but also extremely profitable.
“The difference between the cash exchange rate and the buying rate through a broker in July exceeded 20%. At the same time, since the dollar and euro have not been traded for many years due to the active sales of exporting companies, they are traded cheaply in the stock market.
August 11 at the Central Bank reported About the purchase of foreign currency on the Moscow Exchange for 237 billion rubles. In July. A month ago, the Russians bought coins worth 176.1 billion rubles from the site.
This indicator was a record in terms of net purchases for the individuals category. In the message of the Central Bank, it was stated that Russians mainly buy foreign currency through banks that make transfers to foreign accounts.
Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.