Russians source foreign currency, prefer US dollar to euro
Russian currency exchange transactions in September rose 30% on an annual basis, according to analysts at Russian Standard Bank.
The study looked at transaction amounts, average checks and the number of all foreign exchange transactions at the bank from January to September 2021 and for the same period in 2020.
“Foreign exchange statistics 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 The average check in September 2021 was 73,354 rubles (about $ 1,000) and increased 19% from August 2021, “the bank’s data show.
According to the study, the Russians prefer the US greenback to the euro. The total number of dollar exchange transactions from January to September 2021 was more than double the number of euro transactions.
Analysts say exchange rates will continue to depend on the dynamics of oil prices and the situation regarding the Covid-19 pandemic until the end of the year.
“Any forecast in and of 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 some degree of probability, will be between 70 and 74 rubles per dollar, ”said Maxim Timoshenko, head of the department of operations in financial markets of the bank.
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