Top Russian Exporters Decreased Foreign Currency Sales by 23% in November
In November 2024, there was a significant 23% drop in the net foreign exchange sales of the largest Russian exporters, totaling $8 billion. This reduction indicates a shift in activities that saw these companies selling less foreign currency compared to the earlier months. The average daily net sales dipped by 16% to a total of $379 million in that period. Bank of Russia shed light on this development, attributing the decline to the repayment of foreign currency loans to Russian banks by exporters.
To stabilize the foreign exchange market, the Central Bank undertook measures that included halting the purchase of foreign currency from November 28 until the year’s end under mirroring operations of the Ministry of Finance. Daily currency sales operations associated with the replenishment and utilization of the National Wealth Fund (NWF) will continue, ensuring a total volume of daily sales at 8.4 billion rubles.
These strategic actions are aimed at addressing market volatility and normalizing the currency trading environment, reflecting the collaborative efforts between various financial entities in Russia to manage the country’s economic landscape.
