Cash currency market went to the minus

In June, for the first time in the current year, the purchase of the currency by population exceeded its sale.

According to the data of the National Bank, in June the demand for cash currency increased by 20.6% up to 545.3 million dollars, the offer decreased by 8.3% up to 527.9 million dollars, reports AFN.

As a result, net purchase of foreign currency in cash by population amounted to 17.4 million dollars. Recall that net sales in May amounted to 123.5 million dollars, in April – 210.3 million dollars, in March – 126.7 million dollars, in February – 194 million dollars, in January – 214.3 million dollars.

In addition, In June people bought non-cash foreign currency on a net basis in the amount of 93.3 million dollars (including the conversion of ruble-denominated deposits into foreign currency). The volume of purchases of non-cash foreign currency amounted to 115.9 million dollars, volume of sales – 22.6 million dollars.

Thus, total net purchase (cash and cashless currency) amounted to $ 110.7 million in June.

The skyrocketed demand in currency in June was due to several factors:  a small panic, provoked by speculations of the National Bank during the outflow of deposits of non-residents, the reduction of the rate of refinancing and, correspondingly, of the profitability of ruble deposits, the beginning of the holiday period. There was also such factor as the increase of salaries by administrative methods, initiated in May.