Exporters increase foreign exchange sales by 21% in October — Central Bank – Business & Economy

MOSCOW, November 8. /TASS/. According to the Bank of Russia report, net sales of 29 companies among the largest Russian exporters reached $10.3 billion in October 2024, an increase of 21% compared to September.

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 billion rubles ($572.7 million) through the foreign exchange market and the largest banks. In September, this figure stood at 58.5 billion rubles ($599.4 million).

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