Source Pravda.Ru

Consumer demand for currency in June tops last year's figure

Consumer demand for hard currency in June 2004 was 1.4 times greater than in June 2003, while the supply dropped by 3%, the Central Bank's web site reported.

The Central Bank gave the beginning of the holiday season and, as a result, an increase in tourist trips abroad as the reason for the current situation.

The net demand is the difference between the amount of cash foreign currency sold to natural persons and withdrawn from their accounts and the amount of cash foreign currency bought by authorized banks from natural persons and placed in their accounts.

According to the Central Bank's data, in June 2004 the consumer's net demand for cash foreign currency (the difference between the amounts of hard currency sold to natural persons and withdrawn from their accounts and the hard currency purchased from them by banks and placed in their accounts) increased by 57% against May and stood at $1.7 billion. This is the biggest figure since September 1998. The increase in the net demand in June is connected exclusively with the operations of natural persons (residents) whose net demand increased fivefold and reached $1 billion. The Central Bank says that a trend toward a growth in the consumer's net demand for cash foreign currency has a stable seasonal character and has been registered since 1996. Apart from that, the net demand for cash foreign currency, mostly for dollars, increased because of the influence of certain "nervousness" in society due to the arisen situation in the banking sector, the report said.

The net demand by non-residents, in comparison with May, decreased by 21% to $0.7 billion.

Explaining the situation, the web site said that to satisfy the increased consumer demand in June 2004, authorized banks increased, in comparison with May, the amount of cash foreign currency brought in by 53% to $1.7 billion. The share of dollars in the total amount of this currency dropped to 87%, against 89% in May. The taking out of cash foreign currency went up by 15% to $0.14 billion. The Central Bank noted that despite the increased taking out of euros, mainly dollars were taken out of the country.

"Thus, June 2004 saw growth in practically all operations connected with the cash foreign currency incomings and expenditure," the Central Bank said. The only exception was the sale of hard currency in exchange centers and the withdrawal by natural persons (non-residents) of the money from their hard currency accounts in authorized banks. The remainders of cash foreign currency in the cash offices of authorized banks decreased by 3% and totaled $1.4 billion at the end of the month.

World's most powerful nuclear submarines, Arkhangelsk and Severstal, are to be dismantled after 2020 - their further exploitation is unprofitable

Russia gets rid of world’s most powerful nuclear submarines

The United States' Head of Diplomacy, or Secretary of State, is an anachronistic, incompetent, meddling, intrusive, insolent and arrogant, rude individual, a brash, foul-mouthed upstart, a conceited, self-important guttersnipe and an insult to the international community, as fit for the job as a pedophile janitor in a grade school.

Tillerson must go!
Comments
Honor me: The hell with you
What will happen if USA freezes Russian dollar assets?
Russian Guard to see enemies behind walls
Putin celebrates Epiphany bathing in ice cold waters
Russia gets rid of world’s most powerful nuclear submarines
Russian Guard to see enemies behind walls
Tillerson must go!
Turkey distances itself from Russia to plunge Syria into greater chaos
Tillerson must go!
Torturing Jerusalem with USA's help: No peace, but eternal war for Jews and Arabs
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Turkey distances itself from Russia to plunge Syria into greater chaos
Turkey distances itself from Russia to plunge Syria into greater chaos
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
North Korea and Double Standards. Vancouver Conference a Missed Opportunity.
Ukraine's Western allies point their guns at President Poroshenko
Ukraine's Western allies point their guns at President Poroshenko
Why did the USSR lose the Moon race?
Honor me: The hell with you
Is the Syrian War Really Over?