Russians started selling Currency Massively

Such selling boom is observed for the first time over the last two years.

26.Mar.15 2:37 PM
By Abigail Richards
Photo theguardian

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Russians started selling currency massively. According to information provided by the Central Bank it is the first time in two years when demand in foreign currency is negative. At the same time according to the statistics of regulator the difference between demand and offer is $324 million while in 2014 the volume of demand was $8.2 billion.

At the same time it is noted that turnover of currency exchange market has decreased a lot on comparison with the previous month. In addition aggregate demand has become lower by 3.3 times and went down to $6. Billion while offer was reduced by 1.9 times down to $6.7 billion.

Central Bank also provided information that only $4.6 billion has been transferred to currency banking accounts of individuals which is twice less in comparison with the previous month. At the same time it is known that demand of Russian population in currency has decreased considering increase of ruble exchange rate over the last several days. For example, ruble exchange rate increased from 56.24 to 68.93 rubles per dollar while euro cost 78.11 ruble per 1 euro. However USD and euro have lost its positions in comparison with ruble during February-March and now the exchange rate is as follows: 1 USD – 57 rubles, 1 euro – 63 rubles.

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