OREANDA-NEWSOTC operations with the ruble (paired with any other currencies) outside of Russia have grown by 84% over the past three years and have overtaken trade in the ruble in the country, follows from a new report by the Bank for International Settlements, BIS.

It turns out that three years ago, the average daily turnover of transactions with the ruble in which the Russian resident acts as at least one side reached $ 36 billion and exceeded non-resident transactions ($ 21.7 billion). And now this ratio has changed in favor of foreign transactions ($ 40 billion) versus transactions where a Russian resident is involved ($ 32 billion).

As noted in the report, the offshore currency and over-the-counter derivatives market has grown and become more diversified than ever by 2019. The daily turnover of the foreign exchange market reached $ 6.6 trillion in April 2019, compared with $ 5.1 trillion three years earlier. Trading in currency swaps, which mainly have a maturity of less than a week, has grown especially.