Russians exchange currency almost 25% more often in March – research

TASS Russian News Agency | Apr 7, 2021 at 2:52 PM

MOSCOW, April 7. / TASS /. The interest of Russians in foreign exchange transactions in March 2021 increased by almost a quarter compared to February, and the total amount of such transactions increased by 10%, according to the Russian Standard bank study, made available to TASS on Wednesday.

"March 2021 data showed an increase in the interest of Russians in foreign currency exchange. According to the statistics of the Russian Standard Bank, the indicators of the amount and number of such transactions in the first spring month were the highest in the entire Q1, the number increased by 22%, and by 10% the total amount, according to the study. At the same time, they began to buy and sell currency at lower average checks. This indicator decreased by 10% and amounted to 67,760 rubles. According to the bank's analysts, due to the political and economic events in March, the Russians preferred to be more careful in currency exchange and not risk large sums while watching the rate changes.

At the same time, the results of March showed that Russians more often sold foreign currency rather than bought. In the total number of such transactions, 55% were for sale, and 45% for purchase. At the same time, in the total amount of dollar exchange transactions, sales by customers account for 42%, and purchase for 58%. In the amount of exchange transactions with euros in March, 33% of the amount fell on the sale and 67% on the purchase of euros, follows from the data of the bank. Traditionally, interest in the dollar is higher than in the euro. The total number of transactions with the American currency is more than twice as high as with the European one. The average bill for one transaction with dollars in March was $854 , and with euros - 869 euros.

Expert forecast

The Director of the Department of Operations in Financial Markets of the "Russian Standard" Maxim Timoshenko believes that in April the world demand for oil and the development of the situation with lockdowns will affect the exchange rates. "We should also not forget about the sanctions issue, which may return at any time. Trading ranges in which the US dollar is expected to fluctuate are 73-77.5 rubles, and the euro 87-92 rubles," he told TASS through the press service of the bank. As part of the study, the bank's analysts studied the volumes, average checks and the number of all foreign exchange transactions in Russian Standard in February and March 2021, as well as in March 2020.