12:17, 10 October 2022 Page views 735 views

Russians show greater interest in currencies of CIS and Turkey

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According to the Sravni.ru marketplace, since the beginning of partial mobilization, Russians have become much more interested in the currencies of the CIS countries and Turkey. Interest in the Armenian dram increased 7 times, 6.5 times in the Kazakh tenge, 4.5 times in the Azerbaijani manat, 3 times in the Uzbek sum, 2.5 times in the Turkish lira and 2 times in the Tajik somoni. However, the Russians did not disregard the traditional US dollar and euro: attention to their exchange rates increased by 2 and 3.5 times, respectively.


A number of large banks reported the higher interest accompanied by a stronger demand of Russian citizens for the listed currencies. Since the end of September, the demand for monetary units of the CIS countries has been increasing, Absolut Bank said. Sberbank informed that in absolute terms the interest in the Kazakh tenge is several times less than in US dollars and euros. Meanwhile, demand for lira has been consistently high for a long time, they specified.


Since September 21, clients have shown a moderate growth of interest in foreign cash, Russian Standard said. Zenit Bank noted that they are currently exchanging cash in dollars and euros, yet they are considering the expansion of alternative currencies list for exchange transactions. The Crimean RNCB bank said that they did not see increasing demand for currencies. The bank exchanges only dollars and euros, and it does not have monetary units of CIS countries and Turkey.

Earlier, the Union of Banks of Armenia reported that the country’s credit organizations increased their profit in the first six months of the year three times compared to the same period last year. At the same time, specifically foreign exchange transactions helped Armenian banks to noticeably improve their performance. These transactions brought them more than half of their net profit between January and June.