September currency activity in Russia shows dollar dominance and cash preference
In September, Russians exchanged far more US dollars than euros, and the overall pattern showed more selling than buying for the currency. A market study of currency exchange activity indicates this trend across households and small businesses alike. Dollar exchanges ran roughly 2.6 times the volume of euro exchanges, signaling a clear preference for dollar liquidity among the public. This assessment comes from a market study of currency exchange activity and highlights how demand for cash can shape daily money moves in a widening global context.
Cash remained the dominant channel, while online conversion accounts accounted for only about 7 percent of total exchange volume. The split between cash and non-cash transactions reflected a consistent preference for physical money, with about 70 percent of transactions executed in cash and the remaining 30 percent completed through non-cash methods. The average size of a US dollar exchange hovered around 681 dollars, compared with roughly 532 euros for euro transactions. Taken together, these figures underline the enduring role of cash in routine currency exchanges even as digital options continue to widen their reach.
Looking at the dynamics of activity, the tendency to sell dollars outpaced buying by about 18 percent. For euros, sales occurred more frequently than purchases in a striking 76 percent of cases, underscoring ongoing preference for liquidating euro holdings through sale rather than acquisition in many situations. These patterns offer a window into how market participants manage currency exposure amid shifting economic moods and cross-border flows that affect price discovery in real time.
On September 24, banks began to reject cash dollars from customers with damaged notes. Notes bearing stains, scuffs, or water marks were not accepted, even if they had previously been circulated to a customer. The policy reflected a broader effort to curb the circulation of defective currency and to maintain trust in cash payments amidst global conversations about note quality and currency integrity. Banks explained that the rule was driven by customer behavior, as many buyers preferred not to take damaged dollars after a widespread rejection of worn banknotes abroad, which in turn heightened vigilance at points of sale and exchange desks.
Branch representatives described the measure as a prudent safeguard intended to protect consumers from potential losses due to inferior currency quality. The move also signaled a willingness to tighten acceptance criteria in response to evolving customer expectations and international standards on note condition. In a market where remittances and cross-border transactions can influence local currencies, such policy shifts can ripple through opening hours, cash handling practices, and the pricing of currency services used by traders and ordinary savers alike.
Analysts had previously offered forecasts for the dollar’s trajectory in October, noting that currency movements would likely hinge on note quality, domestic demand for dollars, and ongoing cross-border money flows. The September data underscore the persistent importance of cash in everyday exchanges and reveal how the condition of notes can shape practical decisions for buyers and sellers. For readers in Canada and the United States who monitor global money movements, these findings illustrate how currency preferences and note quality concerns can influence currency markets far beyond any single country, reinforcing the interconnected nature of modern financial activity.