Ruble settlements in Russian foreign trade hit record 43% in June, toxic currencies deficit doubled - Central Bank
MOSCOW. Aug 15 (Interfax) - Payments in rubles rose to a record 43.0% of Russian foreign trade settlements in June, the previous high being 42.7% in March 2024, the Central Bank of Russia said in preliminary data on the currency mix of settlements for goods and services under foreign trade contracts, posted on its website.
Ruble settlements for imported goods and services, which rose above 40% of the total for the first time in April to 41.2% and then 41.8% in May, reached a new high of 42.9% in June.
Ruble payments for Russian exports increased to 43.0% in June from 40.4% in April and 37.2% in May. The record of 44.7% seen in March 2024 still stands, as does the previous high of 43.6% in June 2023.
Given the Central Bank's preliminary data on foreign trade in goods and services, imports of goods and services by Russia rose 6.5% quarter-on-quarter to $90.1 billion in Q2 2024, and imports paid in rubles 24.5% to $37.8 billion. Exports might have risen 3.8% QoQ to $115.3 billion, and those paid in rubles 4.5% to $46.3 billion.
Foreign trade settlements in the currencies of unfriendly states fell to a low of 18% in June from 20.8% in April and 20.1% in May. The figures were 25.9% in January and 25.2% in February.
New lows were seen for these currencies in settlements for imports at 21.0% in June, down from 23.3% in May and 26.8% in January, and for exports at 15.5%, down from 17.6% in May and 23.9% in January.
June was the fourth deficit month in the space of a year for settlements in toxic currencies, the deficit doubling to $0.4 billion from $0.2 billion in May and $0.2 billion in January 2024.
New lows were seen in settlements with toxic currencies in imports from Asia at 13.1% in June, compared with 14.4% in April and 14.5% in May, and in exports to those countries at 12.5% in June, 16.0% in April and 15.4% in May.
The Central Bank has said repeatedly that while currency restrictions are in place, the ruble's exchange rate is determined more by the balance of demand for foreign currency on the part of importers and supply of foreign currency by exporters.