Share of ruble payments for Russia's imports rises to record 49.5% in Oct - Central Bank data

MOSCOW. Dec 17 (Interfax) - The share of payments in Russian rubles for imports of goods and services to the country reached an all-time high of 49.5% in October 2024 to exceed the previous record of 48.4% in September, the Central Bank of Russia said regarding the currency structure of foreign trade settlements.

The remaining settlements for imports in October were remitted in the currencies of unfriendly countries at 20.0% and in other currencies at 30.5%.

When paying for Russian imports from Asian countries, the share of ruble payments reached an all-time high of 47.1% in October versus the previous record of 45.1% in September. Meantime, the share of payments remitted in the currencies of friendly countries continued declining to 40.7% from 43.5% the previous month. The share of payments in the currencies of unfriendly countries has barely changed in recent months, namely at 12.2% in July, 13.1% in August, 11.4% in September, and 12.2% in October.

When paying for imports from the countries of the American continent, the share of payments in rubles increased to 32.1% in October from 30.3% in September, with the all-time high having been 35.5% in March this year.

Payments for imports from European countries have been remitted predominantly in rubles, with the share declining to 56.7% in October from 58.1% in September. The share of payments in the currencies of unfriendly countries rose to 38.3% in October after declining to an all-time low of 37.1% in September.

Payments were remitted in rubles for all Russian exports of goods and services at 41.5% in October after 42.9% in September, in the currencies of unfriendly countries at 21.3% after 18.3%, respectively, and in the currencies of other countries at 37.2% after 38.8%, respectively.

Preliminary estimates indicate that the surplus in Russia's foreign trade settlements for goods and services in friendly currencies declined 28% month-on-month in October to $6.3 billion from $8.7 billion in September in dollar equivalent. Specifically, a deficit of around $100 million formed for the first time after a surplus of $1.8 billion in September when settling accounts in Russian rubles. There was a surplus in settlements in the currencies of unfriendly countries, rising 14% month-on-month to $1.8 billion in October, and in other currencies, decreasing 13% month-on-month to $4.6 billion.