Demand for Foreign Currency in Russia Reaches Yearly Low
(MENAFN) The appetite for foreign currency among Russian corporations has noticeably weakened, with business-related acquisitions in June dropping to the most modest level seen in almost twelve months.
This development was highlighted in a report issued by the Bank of Russia, which linked the downturn to the ongoing firmness of the national currency.
The ruble has been on a consistent upward climb, gaining strength over the past seven months in relation to the US dollar.
As per the central authority, this rally commenced in December 2024 and has continued steadily due to more restrictive monetary conditions.
On Thursday, the ruble momentarily reached a two-year peak, exchanging at under 75 per dollar, before retreating to 77.89 on Friday.
The financial regulator attributed the ruble’s durability to stringent monetary strategies—especially the elevated benchmark interest rate—which has heightened the attractiveness of Russian financial instruments for both enterprises and the general public.
It further observed that fluctuations in the currency market have been diminishing, even in the midst of ongoing global political tensions.
In June, according to the Bank of Russia’s Financial Market Risk Review, corporate clients acquired 1.6 trillion rubles' worth of overseas currency, approximately $20.5 billion.
This sum represents nearly half of the typical monthly amount seen throughout 2024 and is the lowest since the previous July. It also reflects a slight decline compared to May's figures.
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