Russian exporters cut foreign currency sales in Nov, lower demand from importers supports ruble - Central Bank
MOSCOW. Dec 10 (Interfax) - The ruble exchange rate remained stable in November, with reduced demand for foreign currency on the part of importers supporting the Russian currency, the Central Bank of Russia said in its financial market risk review.
The largest exporters reduced foreign currency sales 17% to $6.9 billion in November amid falling oil prices. Average daily sales increased 1% to $361 million amid fewer working days in November.
The ratio of net foreign currency sales to foreign currency export revenues on the part of the largest exporters was 77% - an indicator the Central Bank provides with a lag - in September 2025, or 24 percentage points lower than in August, owing to a number of companies temporarily reducing foreign currency sales ahead of the repayment of foreign currency obligations to Russian banks.
Overall demand for foreign currency on the part of legal entities, primarily importers, declined to 2.2 trillion rubles in November from 2.6 trillion rubles in October. The average monthly value has been 2.4 trillion rubles in 2025.
Individuals reduced foreign currency purchases slightly to 148.8 billion rubles in November from 158.6 billion rubles in October, remaining above the average of 91.8 billion rubles in 2025 amid separate large purchases, the Central Bank said.
Individuals have purchased 1.07 trillion rubles worth of foreign currency since the beginning of the year versus 1.04 trillion rubles the previous year.
The Central Bank as of December 8 has repealed previously established limits on foreign currency transfers abroad for citizens of Russia and friendly countries, with the category of individuals previously permitted to transfer no more than $1 million per month.
"The limits have largely lost their restrictive effect, as the share of large transfers of $500,000 to $1 million equivalent in the transfer structure has decreased substantially in recent years, and did not exceed 3% in Q3 2025," the Central Bank said.
