13.11.08

Russians bought $6 billion worth of foreign currency in banks and exchange points in September, according to a Central Bank press release, Lenta.ru reports. That is the highest sum since 1999, when the Bank began publishing that indicator. The level of currency purchases in October is not available yet, but it is likely to be even higher, since the liquidity crisis in banks and on the stock exchanges reached its peak in that month.

A significant part of the public sold foreign currency as well. Rubles worth $2.6 billion were purchased for foreign currency in September. Thus the negative trade balance for currency in Russia in September was $3.4 billion. That is not a high mark. In February of this year, the trade deficit for currency was $3.6 billion.

Russians are also withdrawing money from banks. That decision is influenced by the world financial crisis and the bankruptcy of a number of Russian banks, as well as rumors on the market that the Central Bank plans to devaluate the ruble. The Finance Ministry and Central Bank denied those rumors, but then acknowledged this month that a gradual reduction of the ruble against other currencies is a possibility.

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Source: www.kommersant.com