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Russians stock up on foreign currency, choose US dollar over euro

Russians stock up on foreign currency, choose US dollar over euro
Russian currency exchange transactions in September increased by 30% on a yearly basis, analysts at the Russian Standard Bank state.

The study examined transaction amounts, average checks, and the number of all foreign exchange transactions in the bank from January to September 2021, and for the same period in 2020.

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Statistics of foreign exchange continued to grow in the fall. Thus, the number of such transactions in September 2021 increased by 15% compared to August 2021. Compared to last year, in September 2021 this figure increased by 30%. The average check in September 2021 was 73,354 rubles (around $1,000) and increased by 19% compared to August 2021,” the bank’s data shows.

According to the study, Russians prefer the US greenback over the euro. The total number of exchange transactions with dollars from January to September 2021 was more than twice the number of transactions with euros.

The analysts say foreign exchange rates will continue to depend on the dynamics of oil prices and the situation regarding the Covid-19 pandemic up to the end of the year.

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Any forecast in itself is extremely volatile due to the multitude of incoming unknowns. But it can be assumed that the ruble exchange rate by the end of this year, with a certain degree of probability, will be in the range of 70-74 rubles per dollar,” Maxim Timoshenko, the head of the bank’s financial markets operations department, said.

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