What caused the excitement on the currency in Russia?
Совсем недавно мы studied the question is what prompted the Russians in the summer of 2018 to run to banks for their money. And now it is time to clarify what they have invested in. After all, the Russian Central Bank in August 2018 noticed a significant demand for foreign currency from Russian citizens.
It was in August that there was a sharp increase in interest in the currency (by 57%) compared with July of this year. Then the net demand for cash currency, in monetary terms, amounted to $ 2,5 billion, i.e. that's how people bought more currencies than they sold. And in total, the population bought currencies in the amount equivalent to $ 6,3 billion. Of these, $ 4,4 billion were US dollars, and the rest was the euro of the European Union.
This was caused, first of all, by the traditional vacation season. People go to rest abroad and they need currency. This is normal. But they added to this: distrust of the banks on the part of the population, caused by unsuccessful statements by some people and hype in the media about the possible devaluation of the ruble, in connection with the next (possible) portion of sanctions from “partners” from the West.
In the United States, they were just discussing the possibility of a ban on dollar payments by Russian banks. So the reaction of the Russians was quite predictable. It was just not necessary to intensify the panic inside Russia. After all, the US Congress went on vacation, never resolving this issue, and when it is decided is unknown. And after a short period of time, the ruble strengthened, and people carried their hard-earned money back to financial institutions. And those who hastened to "stock up" in dollars lost their supply.
It was in August that there was a sharp increase in interest in the currency (by 57%) compared with July of this year. Then the net demand for cash currency, in monetary terms, amounted to $ 2,5 billion, i.e. that's how people bought more currencies than they sold. And in total, the population bought currencies in the amount equivalent to $ 6,3 billion. Of these, $ 4,4 billion were US dollars, and the rest was the euro of the European Union.
This was caused, first of all, by the traditional vacation season. People go to rest abroad and they need currency. This is normal. But they added to this: distrust of the banks on the part of the population, caused by unsuccessful statements by some people and hype in the media about the possible devaluation of the ruble, in connection with the next (possible) portion of sanctions from “partners” from the West.
In the United States, they were just discussing the possibility of a ban on dollar payments by Russian banks. So the reaction of the Russians was quite predictable. It was just not necessary to intensify the panic inside Russia. After all, the US Congress went on vacation, never resolving this issue, and when it is decided is unknown. And after a short period of time, the ruble strengthened, and people carried their hard-earned money back to financial institutions. And those who hastened to "stock up" in dollars lost their supply.
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