(KPL/TASS) Russia's largest exporters reduced their net currency sales in November by 23% to $8 bln due to by sanctions against the financial sector, which affected the infrastructure of international settlements and the timing of receipt of export revenues, as well as the purchase of foreign currency by certain non-financial companies, the Bank of Russia said.

Against this background, volatility in the currency market increased at the end of November and the rate of weakening of the ruble accelerated, the regulator noted. In total, over the month the ruble weakened by 11% against the US dollar and by 8.4% against the yuan.

At the same time, the situation stabilized in early December - on December 1-7, the ruble strengthened by 7.7% against the U.S. dollar, fully recovering the weakening of late November and returning to a level below November 21 (on December 7, it was 99.42 rubles per US dollar).

The ratio of net sales of foreign currency to foreign exchange export revenue of the largest exporters in September 2024 amounted to 60%, decreasing by 28 percentage points compared to August 2024 against the background of increased volumes of currency purchases by exporters in September in order to pay off foreign exchange obligations. In October 2024, the share of sold foreign exchange revenue was restored: the figure rose to 76%, the regulator noted.

KPL