Banks in Russia Decided to Pay Extra for the Exchange of Dollars for Rubles on the Market
“The current difference means that banks are ready to pay extra for the exchange of dollars for rubles compared to the interbank rate for rubles. The reason lies in the excess of foreign exchange liquidity in the system as a whole or among individual players,” said Dmitry Polevoy, investment director at Loko-Invest.
Some market experts pointed out that it is not entirely correct to talk about additional payments to banks. We are talking about a temporary rate, since the domestic financial market is not very connected with the external market. Now the internal dollar rate is lower than the external dollar rate. In addition, this situation has developed due to the adoption of many anti-Russian sanctions.
Analysts considered that the situation should normalize after the lifting of sanctions and the restoration of activity of importers in the domestic foreign exchange market. However, the current situation is not so bad due to the fact that the inflow of foreign currency now removes the risks of a shortage of foreign currency liquidity.
On May 23, the Central Bank of Russia denied information about the purchase of foreign currency from other market participants in order to achieve containment of the ruble from uncontrolled strengthening. The regulator said that this information is not true.