Foreigners buy $5.5 bln currency in Oct 26–30 using Sberbank divs

MOSCOW, Nov 12 (PRIME) -- Non-residents bought foreign currency worth U.S. $5.5 billion in October 26–30 during local lows of the ruble as they converted dividends of top bank Sberbank, the central bank said in a report on Thursday.

“The largest buyers of foreign currency in October were systemically important credit institutions, but in the period of the deepest ruble weakening from October 26 through October 30, foreign investors accounted for the bulk of the purchases. In the period, they bought foreign currency worth $5.5 billion on the exchange and over-the-counter markets,” the regulator said.

The possible reasons for that are reverse conversion of dividends of Sberbank and closure of long positions in the ruble prior to the U.S. presidential elections, the central bank said.

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