Russians in 2015 bought half of the currency

The fall of the ruble and a reduction in the real income of Russians has led to a sharp reduction in the volumes purchased by them in foreign currency. From the materials published today by the Central Bank implies that for the whole of 2015, the Russians have become the currency for the total amount (in us dollars) $36,23 billion compared with the previous year the volume of purchased currency by the population decreased by nearly half in 2014 Russians acquired nearly $70,7 billion.

The most popular in 2015 among Russian buyers of currency, as in the previous year, used the US dollars and Euro. For example, in December 2015, the total dollar value of purchased currency by Russians amounted to $2,8815 billion, of which the actual $ $2,1491 billion Euros in the same month, the Russians bought a total of $669,7, while all other currencies accounted for only about $62 million.

According to the Ministry of economic development, in 2015 the share of incomes of Russians towards purchase of foreign currency, declined from 5.8% in 2014 to 4.2%, which again is explained by the reduction of ruble incomes of Russians, coupled with the growth of courses of the dollar and the Euro.

Sales of foreign currency by the population of Russia in 2015 decreased compared with the previous year by about 20%, from $30,499 billion and $ 24,434 billion in January of 2015, the Russians sold $2,2655 billion against $3,587 in the last month of 2014.

Earlier it was reported that the net demand of the Russian population for foreign currency (if the calculation takes into account not only newly purchased, but taken from a previously opened Bank accounts currency) in December 2015 appeared four times lower than at the end of 2014, and eight times lower than in December 2013.

“Unlike the situation in recent years the situation, when in the last month, there has been a significant increase in net demand for cash foreign currency in December 2015 compared with the previous month, net demand decreased by 20%”, — noted in the review of the Central Bank.

Chief economist for Russia and CIS “Renaissance Capital” Oleg Kuzmin explained that the traditional December rise in demand for foreign currency was due to the Russians preparing for new year holidays and trips abroad. However, this year abroad Russians went less often (in the first nine months 2015 the number of Russian tourists travelling to other countries dropped by 31%), and the gifts began to save.

“This year, this trend was not, it is because the decreased real income of the population, so there is nothing to convert,” he said.

According to Rosstat, by the end of 2015, the real wages of the average Russian worker fell by 9.5%, which is almost three times exceeded the rate of its decline in the crisis year of 2009. While the real incomes of Russians decreased by 4%.

Overall, in 2015 the costs of Russia exceeded their income of 420 billion roubles In the Center for macroeconomic analysis and short-term forecasting (CMASF) notice that the Russians spent more than earned, for the first time in 18 years.