The ruble is strengthened due to the tough DCP Bank of Russia
In May, the ruble strengthened relative to the main foreign currencies for the sixth month in a row-the course supports a tough monetary policy, follows from a review of the financial markets of the Bank of Russia.
By the end of May, the dollar rate decreased to 78.62 rubles. (by 3.6% month for a month), Yuan – up to 10.89 rubles. (by 2.8%) and updated two -year minimums. The range of fluctuations in currency rates relative to the ruble was also reduced: according to the US dollar – from 6.7% in April to 4.4% in May, according to Yuan – from 6% to 3.8%.
Analysts indicate the attractiveness of the ruble for citizens and companies. Evils prefer to save rubles in conditions of persistent high rates on deposits, although the volume of net currency in the exchange and over-the-law markets, in anticipation of the vacation season, increased from 68.5 billion rubles. In equivalent in April up to 111 billion rubles. in May. However, since the beginning of the year, individuals bought a currency for 386 billion rubles – half as much as for the same period of 2024.
Companies also reduced the demand for currency, providing additional support for the ruble rate. Purchases of currency companies -clients of banks in May reached a minimum since June 2024 and amounted to 1.6 trillion rubles – this is 12% lower than in April (1.8 trillion rubles) and 35% lower than the average monthly in the first quarter (2.5 trillion rubles).
Under these conditions, net sales of 29 largest exporters in May also decreased by 27% of April and amounted to $ 7.3 billion-due to the ongoing reduction in oil prices in world markets and a long weekend in May. The monthly sales volume became minimal in two years, but the average daily indicator fell less significant – by 11% of April, up to $ 406 million. According to the Central Bank, the ratio of net sales of currency to foreign exchange earnings of the largest exporters also decreased – from 99% in February to 97% in March (recent available data, see schedule).
It is unprofitable for exporters to sell currency revenue with a ruble that strengthened due to the rigid DCT of the Bank of Russia, however, it could adhere to the weakening and sharp fluctuations of the national currency course with the companies to increase demand from importers. Probably, this is partly explained by the decision of the authorities to extend until April 30, 2026 requirements for the mandatory sale of foreign exchange earnings. Since May 25 of this year, exporters from the list approved by the President are obliged to credit their accounts in authorized banks at least 40% of currency revenue and sell at least 90% of such foreign exchange earnings on the domestic market.
