In May 2005, net demand for foreign cash, or the margin between the amount of cash sold or lent and the amount purchased or withdrawn from bank deposits, grew to $820 million - up 7% on the previous month's figure. It increased 1.7-fold in transactions involving residents, to reach $430 million, and decreased by 24%, to $390 million, in transactions with nonresidents.
Net demand for the U.S. dollar grew by 30% in May, to $430 million, while the demand for the euro dropped 10%, an equivalent of $390 million.
Authorized Russian banks brought in some $8 million in foreign cash in May this year, or 10% more than in April. The inflow of dollar-denominated bills dwindled just 3% while that of the euro shrank by as much as 16%. This led to a decrease of their share in the overall amount of incoming foreign currency to 53% in May, down from April's 57%.
Foreign cash taken out of Russia in May totaled $320 million - 3% more than in the previous month. U.S. bank notes constituted the bulk of that amount.
Both in April and May, capital flight from Russia exceeded inflows into the country by an estimated $3 million.
