Russians’ demand for cash dollars and euros will increase until mid-December. This forecast was given to socialbites.ca by Pavel Zhuravlev, head of the investment analytics department of Renaissance Bank.
“In an environment where the supply of paper money is limited in Russia, it can be expected that the majority of those planning to spend the New Year holidays abroad will have decided to purchase the required amount of money. “Therefore, it is possible that the demand for paper money will increase until mid-December and gradually decrease in the last decade before Christmas,” he explained.
He recommended distributing the amount of dollars and euros purchased among various transactions within a month. The expert explained that this is best done in order to minimize the risk of purchasing foreign currency at the most unfavorable rate.
“Given that the current ratio of currencies received for exports and paid for imports is close to parity, the ruble exchange rate against the dollar and the euro may experience strong short-term fluctuations depending on exactly what moments foreign exchange market participants decide to enter into. turned into transactions “, said Zhuravlev.
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Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.