TREE NEWS reports: The Bank of Russia reported that spot foreign-exchange trading volume reached 19.7 trillion rubles ($231 billion) in September, the highest level since May 2024. The figure marks a fresh multi-month peak for the country’s spot FX market.
Russia’s September Spot FX Volume Hits 19.7 Trillion Rubles, Highest Since May 2024
AI take
The headline number is less telling than the composition: a spot FX volume peak of this size, in a market that has been structurally reoriented away from Western venues, points to domestic and non-Western counterparties taking a larger share of ruble turnover. That matters for how the Bank of Russia reads ruble liquidity and for the pricing of cross-border settlement channels. Whether the September level reflects a one-off surge or a durable shift in where ruble FX activity sits is the open question to watch.
Generated by AI for reference only.
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