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Demand for FX surged to USD 1.5bn in February


According to the CBR, net demand for FX from individuals jumped 1.7 times MoM to USD 1.5bn in February, the highest since January 2009.

The detailed breakdown indicates that 80% of net demand for FX (USD 1.2bn) concerned USD, while transactions with EUR constituted only USD0.2bn.

The February increase in individual demand for FX might have been caused by RUB continuing to strengthen (people probably wanted to convert RUB before the trend reversed) and uncertainty in February (the pre-election month).

Thus, FX savings could have created extra support for the rouble in March, with there being no sharp devaluation after the presidential elections. 

Alexey Moiseev, Aleksandra Evtifyeva, Daria Isakova
VTB Capital analyst

CBR, FX market, USD, ruble, euro

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