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The amount of currency that Russian people sold in 2004 reached its peak in last November
The amount of currency that Russian people sold in 2004 reached its peak in last November, says the currency report of Russia's Central Bank. "The traditional November drop in currency sales was replaced by unprecedented growth in 2004," the report says. The overall offer of foreign currency accounted for $4.7 billion, which is 18% more than last October. "This indicator exceeded the 2002 and 2003 November figures 1.9- and 1.3-fold respectively," Central Bank experts report. Last November, Russian people continued to sell dollars actively: the US dollar supply rose 20% on October and the euro supply 8%. However, the proportions of the overall supply did not change: 88% of the US and 11% of the European currency. The demand, however, changed in favor of the euro whose share increased 8% up to 21% in November 2004, while the dollar positions grew weaker. According to the Central Bank, the demand for the US currency dropped 14%, while the demand for euro increased 55% up to the record high 2004 figure of $1 billion. Central Bank experts note that the dramatic drop in the dollar rate in November 2004 led to marked growth in the US currency supply, untypical for that month. As a result, the gap between the currency that banks sold to individuals and the currency that banks purchased from them narrowed to a minimum in 2004. According to the Central Bank, total cash currency supply from all sources, including the currency that remained in cash departments of authorized banks rose 2% up to $9.6 billion last November on last October, while individual transactions went up 5% up to $9.7 billion, and the dealings of the interbank market dropped 7% down to $4 billion.
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