Biggest Russian exporters slashed FX sales 30% in Sept to $8.3 bln due to shift to ruble settlements - CBR

MOSCOW. Oct 8 (Interfax) - The largest exporters reduced their foreign currency sales 30% to $8.3 billion in September from $11.9 billion in August, due to a change in the structure of export settlements, in which settlements in rubles began to play an ever-increasing role, the Central Bank of Russia said in a financial market risks report.

The regulator said demand for the ruble from foreign buyers of Russian goods had started to mirror supply of foreign currency, which was reflected in higher sales of it on the domestic market by Russian banks. "Sales by banks offset the decline in net sales by exporters, which maintained a balance between FX supply and demand on the market," the Central Bank said.

The ratio of net FX sales to FX export revenue sales by the biggest exporters in July 2024 - the Central Bank gives this information with a lag - was 83%, down 33 percentage points from 116% in June 2024.

Private individuals acted counter-cyclically in September, selling foreign currency instead of buying it for the first time since August 2023, selling it for 55 billion rubles compared with just 6.7 billion rubles in August last year. In September last year, individuals bought currency for 56.8 billion rubles.

Individuals sold currency in September 2024 both through the stock market and through the largest banks.