Forex Banks In Moscow

Investing.com - The U.S. Dollar slipped on Friday after rising overnight to near a 13-month high, while the Russian Ruble fell on news that Washington is planning to impose fresh sanctions on Moscow. Essentially, however, the Forex market is regulated, moderated, and controlled by the Central Bank of Russia. It has the power to issue special foreign exchange licenses to commercial banking institutions, so is essentially in control of the internal foreign exchange turnover being generated.

Unbelievably simple forex trading strategy no indicators. MOSCOW (Reuters) - Russia’s largest lenders, state-owned Sberbank ( ) and VTB ( ), saw outflows of foreign currency deposits in August amid a rouble depreciation and concerns about new U.S. Sanctions, according to an analysis of central bank data. Some of their smaller rivals, however, and subsidiaries of foreign banks in Russia saw inflows to their FX deposits in the same period.

“Moderate funding outflows from larger state banks were presumably driven by concerns over potential new sanctions,” Fitch ratings said in a note, referring to August flows. Most traded currency pairs. Concerns about an extension of U.S. Sanctions against Moscow that could possibly target Russian state banks and holdings of Russian government bonds plagued markets in August and sent the rouble to its lowest levels since 2016. Some depositors used the ruble’s slide to levels close to 69 against the dollar from around 62 seen in early August as an opportunity to cash in on the currency moves, withdrawing foreign currency so they could use it to buy rubles cheaply. The amount of foreign currency that retail clients held in Sberbank, Russia’s No. 1 lender, declined by $1.1 billion in August to $33 billion, while the bank’s corporate FX deposits shrank by $2.2 billion to $55 billion. Sberbank’s Deputy Chief Executive Alexander Morozov told Reuters last month that concerns about fresh U.S.

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Sanctions, elevated volatility on the currency market and the seasonal demand for foreign currency during summer holidays had all driven the outflow from households’ foreign currency deposits. For companies, a seasonal need to pay dividends in rubles had also taken its toll in August, the Sberbank press-office said. In September, such outflow continued as Sberbank’s retail clients withdrew around 130 billion rubles ($1.95 billion) worth of FX, data from the bank’s earnings report under Russian accounting standards showed on Friday. The data on flows at Russia’s five biggest lenders and subsidiaries of major foreign banks was collated by Reuters. It was based on the banks’ financial results submitted to the central bank as well as on the relevant rouble exchange rate. VTB, Russia’s No.2 lender, saw corporate and retail FX deposits falling by a total of $3.15 billion in August. “We observe the trend that corporate clients are replacing foreign currency deposits with rouble ones,” VTB’s press office said in an email.