With the ruble facing renewed pressure this year, many savers are weighing partial conversions into alternative currencies to protect their funds. This stance was echoed by Bogdan Zvarich, a principal analyst at the financial marketplace Banki.ru, who explained that diversification options have narrowed as the dollar and euro have become less favorable for holders. The result is an added layer of infrastructure risk and higher costs associated with keeping savings in those currencies.
According to the analyst, the focus has shifted toward currencies issued by friendly countries as the most viable path for diversification. In particular, the Chinese yuan is highlighted as a potential anchor for monetary resilience, with expectations that Russia’s trade ties with China will continue to strengthen. Still, the yuan carries its own set of risks, the most notable being the regulator’s comparatively soft monetary policy, which can influence exchange rate stability and returns for savers.
Zvarich suggested that alongside the yuan, the Hong Kong dollar and the United Arab Emirates dirham deserve consideration. Both currencies represent economies that are expanding rapidly in Asia and the Middle East. In the current market, these currencies generally show resilience against the dollar in the global currency landscape, which can be attractive for diversification purposes. It is important to note, however, that the available channels for earning interest on these currencies remain limited at present.
Elvira Nabiullina, the former head of the Central Bank of Russia, has stated that the central bank is actively pursuing policies designed to make holding rubles attractive for the public and to safeguard savings against external volatility. In a related assessment, Ksenia Yudaeva, the first deputy chairman of the central bank, warned that keeping savings in currencies associated with sanctioning nations, specifically the dollar and the euro, carries safety concerns. The central bank also emphasized potential risks to Russian banks if they retain sizable balances in these currencies in correspondent accounts. Source attributions and analyses are maintained to reflect expert viewpoints and market dynamics in this evolving landscape.