Foreign currency sales by Russian exporters in November 2024 reached their lowest level since August 2023, declining 23% to $8 billion. This could affect the weakening of the ruble, according to the Bank of Russia’s Financial Market Risk Review.
Author:
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Market participants sold $379 million worth of foreign currency a day, down 16% from the previous month.
According to the Central Bank, a decrease in sales by 29 companies, along with purchases of foreign currency by non-financial companies to pay obligations to banks, contributed to the volatility and weakening of the ruble in November.
- In August 2023, sales amounted to $7.2 billion.
The Central Bank’s materials note that the decrease occurred against the background of the need to repay foreign currency loans to Russian banks.
During the month, the ruble weakened against the US dollar by 11%, according to calculations by the Bank of Russia. The ruble remained stable at the beginning of the month and weakened in the second half of November, after the introduction of sanctions, the report indicates.
Author:
Ekaterina Strukova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
