Russia

Ruble Surpasses 40% Milestone in Russia’s Export and Import Trade

The 200 and 2000 ruble banknotes.

In March, the ruble reached record levels in Russia’s foreign trade: 43.9 percent for exports and 40.8 percent for imports. That was the first time it has exceeded 40 percent for both at once, according to data from the Central Bank.”The share of operations in rubles in export revenue in March increased to 43.9 percent (from 39.1 percent in February), and in import calculations, it rose to 40.8 percent (from 38.2 percent in February),” the Bank of Russia report stated.According to the regulator’s data, the previous maximum for exports was in June 2023, when the ruble’s share in export operations reached 43.6 percent. For imports, the record was set in February, with the Russian currency never before managing to surpass a 40 percent share.As a result, the ruble remains the primary currency in Russia’s foreign trade for the second consecutive month in March.EconomyRuble’s Share in Russia’s Exports Tops 50 Percent as Dedollarization Gains Momentum11 September 2023, 12:53 GMTAt the same time, the Central Bank reported that in March, export revenue and import payments in currencies of friendly countries increased, reaching $14.2 billion and $8.7 billion respectively, compared to $12.3 billion and $8.3 billion in February. But the regulator did not provide the share of these currencies in Russia’s foreign trade operations.

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