the share of “toxic” currencies in the revenue of the largest exporters fell from 96% to 17% – Kommersant

The share of the dollar and euro in the revenue of approximately 30 of the largest Russian exporters decreased in September to 17%, Elizaveta Danilova, director of the financial stability department of the Bank of Russia, said at a round table in the Federation Council, reports Interfax.

Ms. Danilova reported that at the beginning of 2022, the share of the dollar and euro in exporters’ revenue was 96%. She stated that in September 2023, the main foreign currency on the Russian market is the yuan. According to her, the less Russian companies use the currencies of “unfriendly” countries, the more protected they are from sanctions risks.

The director of the Central Bank department recalled that in the West they continue to close correspondent accounts of Russian banks and expand sanctions lists. Ms. Danilova noted that Russian credit organizations open correspondent accounts in “friendly” countries and a replacement process is taking place. The share of foreign trade transactions in dollars and euros remains significant, so work needs to continue to further reduce it, she said.

Elizaveta Danilova added that the share of foreign currency corporate loans from the beginning of 2022 to November 1, 2023 decreased from 25% to 17%, the share of foreign currency deposits of legal entities from 30% to 23%, and deposits of individuals from 20% to 9%. The share of currencies of “friendly” countries has grown over the past six months from 32% to 49%, she said.

At the end of October, the total volume of exchange trading in major currencies in the “tomorrow” delivery mode amounted to 6.4 trillion rubles, this is the second result since the beginning of the fighting in Ukraine. The growth in turnover, as Kommersant wrote, is due to the Chinese currency, the trading volume of which for the first time occupied almost 50% of the market. The dollar maintains its share at just above a third, while the euro’s share is gradually declining. Interest in the dollar and euro is falling primarily from small players, which leads to an increase in the size of transactions.

Read more about the current currency situation in the Russian Federation in the material “Half the market for the yuan”.

Erdni Kagaltynov