MOSCOW, December 5. /TASS/. The causes for the ruble's recent strengthening are mostly fundamental issues that resulted in an increase in the international trade balance, the Bank of Russia said on Tuesday.

"Exporters’ sales of foreign currency earnings on the exchange market have increased. At the same time, imports continue to fall gradually as a result of the earlier weakness of the ruble and tightening of monetary policy. Thus, fundamental causes that have resulted in a rise in the foreign trade balance are substantially to reason for the ruble’s recent strengthening," the report said.

Furthermore, there was a small decrease in importer demand for foreign currency, the regulator said.

According to the Bank of Russia, imports of goods were lower in October 2023 than in September 2023 and October 2022. "This trend could continue in November," the Bank of Russia said.