Russians Amassed 111 Billion Rubles in purchases during May, anticipating the holiday season
In May 2025, net currency purchases by Russians decreased compared to previous periods, according to the Central Bank. This shift was due to reduced net currency sales by Russian exporters, with the ratio of net sales to export revenue falling from 100% in April to 86% in May.
This trend was further highlighted when compared to July 2025, where net currency sales by Russia's largest exporters rose by 7% to $8.1 billion. In contrast, May 2025 saw net currency sales of around $7.5 billion.
The decrease in net currency sales by exporters in May 2025 was attributed to the continued strengthening of the ruble and the approaching vacation season. However, the Central Bank also noted that the even distribution of sales in later months, such as July, helped to smooth exchange rate volatility.
Apart from the decrease in net currency sales by exporters, household foreign exchange purchases for the first seven months of 2025 totaled 584 billion rubles, a 40% decrease from the same period in 2024.
On June 9, the euro rate was above 90 rubles, while the over-the-counter dollar rate was both above and slightly above 79 rubles. These rates experienced increases on June 9.
So far in 2025, individuals have purchased a total of 386 billion rubles worth of foreign currency, nearly half the amount for the same period in 2024. The Central Bank also noted that there is "no significant shift of funds from physical persons to quasi-currency instruments" in 2025.
These currency purchase trends in Russia reflect exporters' and companies' responses to fluctuating exchange rate conditions, budgetary pressures, and overall economic uncertainties faced by Russia in 2025. Broader macroeconomic pressures, including a record federal budget deficit anticipated in 2025 due to declining oil and gas revenues and external trade pressures, may influence currency demand and sales behaviors by exporters and companies.
References:
- Central Bank of Russia (2025). Monthly Report on Currency and Exchange Markets.
- Central Bank of Russia (2025). Household Foreign Exchange Purchases.
- Central Bank of Russia (2025). Net Foreign Exchange Sales by Russia's Largest Exporters.
- Central Bank of Russia (2025). Over-the-Counter and Exchange Market Data.
- Ministry of Finance of the Russian Federation (2025). Anticipated Federal Budget Deficit for 2025.
In the context of this text, here are two sentences that contain the words 'finance', 'business', and are logically following:
- The decrease in net currency sales by Russian exporters in May 2025, as mentioned, could potentially impact the overall foreign exchange reserves of Russian businesses and finance by reducing the supply of rubles in the market.
- The Central Bank of Russia is closely monitoring the foreign exchange market, especially considering the lower net foreign exchange sales by Russia's largest exporters in May 2025, as it could have implications for the current business and finance climate in the country.
