Surge in Individual Currency Purchases in Russia, up by 53% in July
Central Bank Chair Elvira Nabullina addressed the media at a press conference, offering advice to Russians regarding foreign currency purchases, but stopping short of expressing any concerns about the recent surge in individual net purchases of foreign currency in Russia.
In July 2025, the net purchases of currency by individuals in Russia reached 119.5 billion rubles, more than double the net purchases for the same month in 2024 and more than triple the net purchases for the same month in 2023. This surge in purchases was also more than four times the net purchases for the same month in 2022.
Despite the significant increase in individual net currency purchases, Nabullina did not mention any potential risks or dangers associated with buying foreign currency in the current market conditions. She did, however, urge Russians to use common sense when deciding to buy currency.
Nabullina also did not address any questions about the impact of the increase in net purchases of foreign currency by individuals on the overall economy of Russia. Furthermore, she did not discuss any changes in monetary policy or interest rates in response to the recent increase in net purchases of foreign currency by individuals.
The Central Bank of Russia (CBR) does not give advice to individuals regarding currency purchases, Nabullina stated. However, she noted that the behavior of Russians on the currency market usually confirms the presence of common sense, as they act in their own interest.
The strong appreciation of the Russian ruble against the U.S. dollar in 2025, driven largely by the CBR's tight monetary policy and market optimism regarding geopolitical developments such as the war in Ukraine, has made ruble savings more attractive, encouraging individuals and entities to convert foreign currencies into rubles for deposit returns. High interest rates on ruble deposits have further contributed to this trend.
Despite expectations from traditional current account theory, the ruble has strengthened against the dollar through early 2025, partly due to these high interest rates making ruble assets more lucrative versus holding foreign currency. In the first half of 2025, Russians purchased roughly half the foreign currency volume compared to the same period in 2024, indicating a subdued but ongoing demand for currency buying among the population.
Public skepticism remains around new forms of currency such as the planned digital ruble, which might affect future currency preferences and purchases, but this skepticism relates more to digital currency adoption than physical or fiat currency transactions.
The decrease in cumulative net purchases of foreign currency by individuals since the beginning of the year in Russia is significant, representing a reduction of 391 billion rubles. Compared to the average monthly figures for 2025 (83.4 billion rubles), July's figures for currency purchases by individuals in Russia exceeded the average.
There is evidence of an increase in net currency sales by some of Russia's largest exporters in July 2025, up 7% month-on-month to $8.1 billion, indicating higher foreign currency conversion activities during that month. However, specific data on individual currency purchases by Russians in July 2025 compared to previous months is limited in the available sources.
It remains to be seen whether more detailed retail currency purchase data will be published later or through specialized financial institutions, providing a clearer picture of individual currency purchasing trends in Russia.
In light of the striking increase in individual net currency purchases in Russia, it may be prudent for Russians to consider their personal-finance implications when making decisions about foreign currency purchases. Moreover, the surge in foreign currency purchases by individuals could potentially impact the overall business and finance landscape in Russia. However, Central Bank Chair Elvira Nabullina did not express any direct concerns about this trend, believing that common sense should guide such decisions.
