This has helped strengthen the ruble by around 10% against major currencies in the past two months Major Russian exporters have been converting more of their foreign currency earnings to rubles in the past two months, the director of the financial stability department of the Bank of Russia, Elizaveta Danilova, said at a press briefing last week. According to Danilova, net sales of foreign currency by the country’s 29 largest exporters in October alone jumped by 36% month-on-month, to $12.5 billion. She did not give the exact figures for November, but noted that they have already exceeded the previous month’s total
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