Russians stop working off dollars

In July, Russians stopped getting rid of foreign currency in cash for the first time since February 2003, according to the Russian Central Bank. Additionally, in July Russian citizens showed a greater interest in the dollar than in the euro mainly due to continuous weakening of the euro against the ruble starting in June.

In July 2003, the net demand for foreign currency in cash reached $972m, the normal level for July over the past three years. In the reported period, supply of foreign currency by private individuals stabilized which was not a typical development unlike seasonal rise in demand. The aggregate volume of foreign currency in cash increased by 7 percent to $8.6bn.

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