The weakening of the ruble exchange rate observed in the second half of December was caused by a decrease in the volume of sales of foreign currency by the largest exporters, as well as an increase in demand for currency by individual bidders. About it informs The Central Bank in the material “Overview of the risks of financial markets” for November-December 2022.
“At the end of the year, the ruble weakened on the foreign exchange market under the influence of temporary factors“, the report says.
The document noted that the volume of net sales of foreign currency by the largest exporters in the second half of December was 24% less than in the first half of the month. Some of this decline is seasonal.
They also indicate that the decrease in the sale of foreign currency occurred against the backdrop of a downward price trend for exported hydrocarbons with a simultaneous reduction in the physical volumes of oil and gas exports.
The Central Bank separately draws attention to the fact that the growth in demand for foreign currency was generated by clients who buy out business from companies from Western countries that are leaving the Russian market due to sanctions.
At the same time, in early January, the ruble began to strengthen its position.
