Russians Boost Dollar Demand 12-Fold in Q2 as Ruble Stability Doubts Deepen

1 articles · Updated · Українські Національні Новини · Jul 16

Currency-exchange applications in Russia jumped 365% in May from April and were 12 times January levels, with overall foreign-currency demand nearly tripling by quarter-end.
68% of applications targeted dollars, 22% euros and just 7% yuan, signaling that Russians still favor Western currencies despite years of official efforts to promote de-dollarization.
Transaction patterns also shifted sharply: more than 90% of second-quarter applications were for sums below 100,000 rubles, versus 59% above 1 million rubles at the start of the year.
That change suggests demand spread beyond wealthy buyers to ordinary households, underscoring broader public distrust in the ruble and the weakness of Russia's yuanization push.