UrBC, Yekaterinburg, July 22, 2016. The Ural Bank for Reconstruction & Development’s customers carried out over 90,000 transactions involving sale or purchase of U.S. dollars, euros, and pounds sterling in the first half of the year; the transactions amounted to more than 7.7bn RUR altogether, twice as much as one year earlier, the bank’s press service reports.

The amount of foreign currency bought rose by three times, that of foreign currency sold rose by 1.5 times. The UBRD Financial Markets Director Vladimir Zotov says the increase in the number of transactions has to do with great market volatility.

‘Based on our data, currency sales peaked early in the year; U.S. dollar was the strongest against the ruble in January and February because of a dramatic oil price decrease, so customers who managed to buy their dollars earlier could make a profit by selling them then. The average trend (people buying rather than selling dollars and euros) was most pronounced in the spring, especially in April,’ Zotov says.

The demand for dollars and euros surged before the May break, when people were planning to travel abroad. Besides, ruble grew a bit stronger in April, which meant those willing to add to their foreign currency savings could buy euros and dollars cheaper.