The Central Bank estimates the size of the offshore ruble market at 8 trillion – Kommersant

The volume of turnover in foreign correspondent ruble accounts is about eight trillion rubles. This assessment of the Central Bank leads in the Financial Stability Review for the second and third quarters of 2023. The Central Bank noted the limited role of the offshore ruble market.

“The total volume of turnover in correspondent ruble accounts of foreign banks remains at about 8 trillion rubles, while the share of turnover in the accounts of banks from friendly countries is increasing, which exceeded 50% during the reporting period,” the review says.

The amount of ruble funds of foreign banks on correspondent accounts and deposits with Russian credit institutions during the reporting period increased over two quarters, but in the end remained almost unchanged compared to October 1, 2022, amounting to 546 billion rubles.

At the same time, the increase in net purchases of foreign currency on the Russian market by non-resident banks mainly reflects the demand for currency from foreign companies of friendly countries paying for the supply of goods in rubles. Net purchases of foreign currency by individuals over two quarters amounted to 182 billion rubles.

Previously, the head of the Ministry of Economy Maxim Reshetnikov offered create a “membrane” on the foreign exchange market to limit the movement of capital. According to him, an analogue of the “Chinese model” could solve the problem with the national currency exchange rate. However, this proposal didn’t support in the Central Bank, the head of Sberbank German Gref also spoke out against it.

Why the government wants to get more data on the foreign transactions of Russian residents – in the material “Following the Currency Trail”.

Anastasia Larina