The risks of weakening the ruble this year are high, so it is better to partially convert them into other currencies to protect savings. About this agency “Hitting the Primer” said Bogdan Zvarich, principal analyst at financial supermarket Banki.ru.
The expert pointed out that the possibilities for currency diversification have decreased due to the fact that the dollar and the euro have become enemies. This added to the infrastructure risks and additional costs associated with holding such currencies.
“Now the currencies of friendly countries are becoming the main options for diversification,” says the expert.
He called the Chinese yuan one such currency and added that trade between Russia and China will only grow. The Chinese currency also has risks. The most important of these is the very soft monetary policy of the regulator.
According to Zvarich, it is worth considering both the Hong Kong dollar and the UAE dirham, both of these currencies represent dynamically developing Asian and Middle Eastern economies. According to the analyst, they are stable against the dollar in the international currency market.
Zvarich added that so far the options for depositing money in these currencies, which are likely to receive interest income, are minimal.
Elvira Nabiullina, ex-president of the Central Bank of Russia statedThe Central Bank of the Russian Federation is doing everything to make it profitable for the public to keep their savings in rubles.
In addition, Ksenia Yudaeva, First Deputy Chairman of the Central Bank of the Russian Federation declarationthat it is not safe to keep savings in “hostile currencies” of sanctioning countries, i.e. dollars and euros. He explained that Russian banks could lose their holdings in these currencies in correspondent accounts.