the Russians are seriously interested in foreign currency. The pandemic COVID-19 and the isolation in March, they withdrew from their accounts about $5 billion compared with February, the volume of cash has increased almost 10 times. Banks also actively being imported into the country the dollars and providing people cash. The demand for cash skyrocketed because of concerns over the safety of deposits. This process, analysts say devaluation panic. In what currency to keep their money and can earn on the exchange rate difference, “MK” told the experts.
In March, against the background of the pandemic and the collapse of the financial markets of the Russian banks imported $4.95 bln and €1.13 billion, follows from statistics of Bank of Russia. Meanwhile, compared to February, the supply of the American currency has grown almost 10 times. More banks imported only in March and December of 2014.
Earlier, the head of the Central Bank Elvira Nabiullina said that in April it recorded a spike in demand for cash from the Russians.
In many ways, this can be an extremely emotional situation, which is not critical for the banking sector, says the head of the Department experts on the stock market “BCS” Vasiliy Karpunin. In his opinion, the demand for cash, including currency, is an attempt of the population to avoid the risks and uncertainty that prevailed in March.
“the Trend in the transition to cash is not sustainable. This is a temporary phenomenon, a reaction to the withdrawal, — says the interlocutor of “MK”. — People were hoarding financial “safety cushion” and responded to another devaluation of the impulse associated with the collapse of oil prices. Now the influence of “black gold” on the course became neutral”.
meanwhile, according to analysts ‘ estimates, on average, the so-called “safety cushion” is 350 thousand rubles.
“Most of the local devaluation is behind us, and the potential for further reduction in the value of the ruble is negligible. A significant rebound in oil prices is unlikely,” concluded Karpunin.
as soon As the public demand for currency reaches its peak, market processes come back to normal and the currency starts to strengthen, says head of information-analytical Department of Forex club Sergey Lysakov. “Panic attack caused growth of demand for currency, he explains. Dollars chose, partly out of habit”.
According to the expert, to keep their savings in one currency is not necessary. “When there is panic devaluation is not necessary to convert rubles into foreign currency, — says the analyst. — The correction in oil prices up, the ruble has all chances to strengthen. In this case, those who bought currency at 85-88 rubles, a lot to lose”.
Lysakov underlines that on exchange you can even make money, if systematically track the dynamics of different currencies.
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