Monitoring sectoral financial flows: amounts decrease as ruble strengthens
In June, the amount of incoming payments made through the Bank of Russia payment system declined by 7.2% compared to the average of 2022 Q1.
Financial flows contracted in most groups of industries. According to our assessment, a stronger ruble and an easing of foreign exchange restrictions were the major factors causing the reduction in payments in external demand-oriented industries.
Inflows in consumer industries changed unevenly over June. Payment amounts decreased in large consumer industries (retail, real estate transactions), whereas some types of services (tourism) recorded a rise in financial flows. This might be associated with higher prices for trips to popular tourist destinations after the anti-pandemic restrictions inside Russia were lifted, coupled with a simultaneous decline in foreign travel.
More details are available in the new issue of the review Monitoring of Sectoral Financial Flows.
