Main factor causing ruble to depreciate in August was reduced currency sales due to decrease in oil prices - CBR

MOSCOW. Sept 15 (Interfax) - The main factor causing the ruble to depreciate in August was reduced currency sales caused by a decrease in prices for Russian oil in June-July, the Central Bank of Russia said in its Monetary Conditions and Monetary Policy Transmission commentary.

"A source of additional pressure for the exchange rate was demand from individual market participants which are usually net currency sellers," the bank said.

In August, the average monthly exchange rate for the ruble against all world currencies decreased: by 6.8% against the dollar, 8.4% against the euro and 7.8% against the yuan.

It has been reported that non-financial companies cut currency sales 15.3% to $18.8 billion in August, versus an average of $19.4 billion for the past 12 months. The CBR attributed this to debt repayments by a series of exporters. Currency sales by the biggest exporters in August totaled $2.4 billion, close to the minimum levels of 2026. Aggregate demand for foreign currencies among non-financial companies in August increased 7.4% to 1.1 trillion rubles, slightly below the average for the past 12 months.