A sharp strengthening of the rouble led Russians to switch to making net purchases of foreign currency in February, following five consecutive months of sales, the central bank said in a report on Monday.
The rouble, up around 10.5% in February against the dollar, is gaining this year, mostly on expectations of improved relations between Moscow and Washington that might de-escalate the conflict in Ukraine and facilitate a possible easing of sanctions against Russia.
Russians purchased 6.5 billion roubles ($73.78 million) worth of foreign currency last month, the central bank said in its financial market risks report, after sales worth 32.9 billion roubles in January.
The switch occurred as the rouble sharply strengthened, the bank said, something it attributed to market expectations of a reduction in geopolitical tensions and of a probable decline in the volume of imports.
Net foreign currency sales by major exporters amounted to $12.4 billion, up from $9.9 billion in January, the central bank said.
($1 = 88.0955 roubles)
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