The demand for money from the population of the Russian Federation in December 2023 exceeded the figures for all months of the previous year and the volume of purchases in December 2022.
In December 2023, the net purchase of foreign currency by the population of Russia reached 179 billion rubles, which is a record. This was confirmed on Wednesday, January 17, by analyzing the risks of financial markets of the Central Bank of the Russian Federation, RBC reports.
“Almost the entire purchase volume is in US dollars and euros,” the Central Bank of the Russian Federation clarified.
It is indicated that a similar rush for Russian currency was observed in June-July 2022. Then residents of the Russian Federation bought currencies worth 176.1 billion and 237.1 billion rubles, respectively.
“Increasing seasonal demand for money on the eve of holidays from the population was one of the reasons behind the decline of the ruble in December,” believes the Russian Central Bank.
They explained that the weakening of the ruble “was facilitated by lower oil prices and fears of increasing sanctions pressure while maintaining stable demand for foreign currency from importers.”
Let us remind you that in the past week the dollar exchange rate has decreased significantly and fell below 38 Hryvnia in the interbank market. The reason for this is the decrease in the foreign currency deficit, which is why the National Bank reduced the sale of dollars.
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.