In the first half of 2024, Russians showed a clear preference for selling cash dollars over buying them, by a margin of 29 percent. The euro, meanwhile, saw selling outpace buying by 35 percent. These trends were observed in a detailed analysis of customer statistics from Russian Standard Bank that draws on transaction data collected across clients and branches.
Overall, dollar transactions outnumbered euro transactions, with the former tallying 2.3 times the volume of the latter. When considering average transaction sizes, the typical foreign exchange operation in dollars reached $747 in June, while euro transactions averaged €607. The data highlight how Russians managed currency exposure through both everyday and routine financial activities during this period.
From January through June 2024, the bulk of currency exchanges—about 91 percent of all conversions—took place at bank branches. Cash currency activity increased its share by eight percentage points across the period, signaling a sustained preference for in-person transactions despite broader market volatility.
Non-cash dollars were also sold more often than bought, by a margin of eight percent, in the first half of the year. Euros, by contrast, were exchanged online with nearly equal efficiency for purchases and sales, underscoring a balanced approach to euro liquidity among online platforms and digital channels.
Executive commentary attributed the observed market dynamics to lingering sanctions pressure and fluctuating trade conditions. The Moscow Exchange’s temporary sanction-related actions contributed to heightened volatility, while a notable strengthening of the ruble emerged as importers reduced demand for foreign currency amid robust export revenues and ongoing frictions in foreign trade agreements. This inward shift in demand helped offset some negative pressures on the ruble’s value during the period, presenting a nuanced picture of currency resilience amid external headwinds.
The analyst referenced a combination of fiscal and commodity-market factors as influential in shaping currency flows. A high level of government spending was seen as injecting liquidity into the economy, while shifts in oil prices were identified as a potential drag on the ruble, illustrating the interconnected nature of macroeconomic conditions and daily currency activity.
Data collection and analysis were based on observed customer behavior across the bank’s network, reflecting broad patterns in how individuals and businesses approached currency management during the period in question.
The overall narrative indicates increased demand for currency exchanges and a heightened sensitivity to external shocks, with both cash and online channels adapting to evolving market conditions and policy signals. This blend of on-the-ground activity and macroeconomic context helps explain the shifting preferences seen in currency markets during the six-month window.