Russia Sees Dollar Exchange Closer to Ruble Dynamics in 2023
Analysis of currency activity from January through September 2023 reveals that Russians exchanged dollars about 2.3 times more often than euros. The findings come from a Russian Standard Bank study cited by socialbites.ca, reflecting behavior across the country during the period.
According to the bank, most dollar purchases were completed at branch offices, with the volume of purchases exceeding sales by roughly 8 percentage points. The typical offline buy ran around $910, while the average sale was about $689.
Dollars were also moved through digital channels, with users conducting more sales than purchases via apps and online banking. On average, three-quarter activity in this channel involved larger sums, with a typical transaction value around $3,368 for purchases and about $938 for sales over the three quarters covered.
Euros showed different patterns: purchases online were stronger than sales by roughly 19 percent. In branches, the average euro purchase was about 1,011 euros, while sales stood around 523 euros. Online activity mirrored this trend with average online purchases near €8,381 and sales near €2,398.
Branch transactions dominated overall, accounting for about 86 percent of currency exchanges, versus 14 percent conducted via apps. A year earlier, 77 percent occurred in branches and 23 percent through digital channels, underscoring a shift toward online and mobile platforms over the period studied.
Commentary from the Operations Department attributes the observed volatility of the ruble to a combination of global market turbulence and domestic policy moves. Early in the year, uncertainty in global currency and energy markets tied to quarantine developments in China and shifts in oil prices affected the ruble, with export proceeds temporarily softening its decline. In September, support came from higher foreign exchange sales by the Central Bank, verbal interventions, negotiations with exporters on additional currency earnings, and potential foreign exchange controls.
The report covers currency exchange behaviors in Russia for the first three quarters of 2022 and 2023, drawing on customer transaction data to illustrate how households and individuals move money across channels and currencies.
Ukrainian customers previously showed a tendency to purchase dollars in bulk in anticipation of hryvnia volatility, a trend noted in the broader regional context during the same period.