MOSCOW, February 14 (RIA Novosti) - The amount of foreign currency cash sold by Russian citizens increased 44%, month-on-month, in December 2006, to a record $7.7 billion, the Central Bank of Russia said Wednesday.
As the dollar loses ground on international markets and in Russia, Russian households are seeking to get rid of their dollar accumulations and convert their savings into safer currencies.
"This is the highest figure for the entire period of observations. It is 39% and 44% higher than in December 2005 and December 2004, respectively," the CBR said.
The amount of cash dollars offered by households exceeded demand by $1.3 billion in December 2006, the CBR said.
At the same time, the demand for the single European currency exceeded supply in December 2006. Households' net demand for euros increased 80%, month-on-month, in December 2006, to $0.6 billion in dollar equivalent, the CBR said.
