Major exporters in Russia reduced November 2024 net foreign-currency sales to $8 billion, from $10.3 billion in October. Interfax reported on 9 December that the 23% decline brought the monthly figure to its lowest level of 2024. Average daily sales fell 16% to $379 million. The central bank linked the reduction to foreign-currency loan repayments.
Exporter sales and household transactions
The Bank of Russia’s November financial-market risk review covers 29 large exporters. Households moved in the opposite direction, increasing net currency sales from RUB55.8 billion in October to RUB68.1 billion in November. Sales were distributed evenly during the month and did not change after the latest sanctions, according to the regulator.
The household increase was RUB12.3 billion, or approximately 22.04%, calculated from the two published totals. Exporters’ dollar-denominated decline was $2.3 billion. These are different reporting currencies and participant groups: adding the household and corporate figures would require an appropriate conversion and would still describe only those covered groups.
November volatility and settlement disruptions
- Dollar cash buy/sell spread: RUB2.77 to RUB3.12.
The regulator’s earlier response
In its 27 November announcement, the Bank of Russia suspended purchases associated with mirroring regular Finance Ministry budget-rule operations from 28 November through year-end. Sales connected with the National Wealth Fund continued at RUB8.4 billion per day. Deferred purchases were scheduled for 2025, with resumption dependent on market conditions.
This policy announcement preceded the December publication of the November review. Its daily RUB8.4 billion amount concerns central-bank operations, while the $8 billion exporter total covers an entire month; they describe separate flows and cannot be treated as the same intervention.
