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Exporters increase currency sales by 21% in October — Central Bank

At the same time, the ruble continued to weaken due to the recovery of import volumes with a stable level of exports in October

MOSCOW, November 8. /TASS/. Net sales of 29 companies among the largest Russian exporters in October 2024 amounted to $10.3 bln, an increase of 21% compared to September, according to the Bank of Russia report.

Individuals also continued to sell currency for rubles in October, providing support to the Russian currency market. In just one month, they sold currency worth 55.9 bln rubles ($572.7 mln) through the exchange market and the largest banks. In September, the figure reached 58.5 bln rubles ($599.4 mln).

At the same time, the ruble continued to weaken due to the recovery of import volumes with a stable level of exports in October. By October 11, the official exchange rate of the yuan to the ruble reached its maximum value over the past year at 13.69 rubles ($0.14), and since the beginning of the month, the ruble has weakened by 3.6%. The Bank of Russia believes that the increase in the key rate from October 28 will have a further restraining effect on imports and will help stabilize the national currency.

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