The main reasons for Russians’ dependence on the dollar and euro 10:35

Nikolai Kuznetsov, associate professor of the Department of Finance and Credit at the Institute of Economics and Finance at the State Business University, said that one of the main reasons for Russians’ continued loyalty to the dollar and euro is travel abroad. His words were quoted by the agency “Hit the primer”.

The economist explained that due to problems with non-cash payments with Russian cards in other countries, passengers from the Russian Federation are forced to carry cash with them.

“Today, the same notorious UnionPay cards in yuan are not issued by all banks, and they are not accepted everywhere abroad either,” Kuznetsov said.

Another reason for Russians’ commitment to the currency is their desire to protect their savings from inflation. The associate professor said that citizens of the Russian Federation bought dollars and euros using old methods, but now there are more reliable and profitable instruments such as bank deposits. According to him, this is due to the lack of financial literacy among the public.

In Russia since the beginning of June started A new wave of increases in deposit interest rates. More than ten major banks have already increased interest rates.

Previously recognizedHow much do Russians lose when hiding money “under the pillow”?

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Source: Gazeta

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