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Russians advised to keep savings in multiple currencies

Россиянам посоветовали хранить сбережения в нескольких валютах

President, Chairman of the Board of Sberbank German Gref advises Russians to preserve savings store them in several currencies — the ruble, dollar, Euro and Swiss franc. He stated this in an interview with the Chairman of the Committee on budget and taxes of the state Duma Andrey Makarov

“We need to survive, of course, for the stability of each currency, the dollar, the Euro, the ruble or the Swiss franc. So if you have any significant savings, it is better to create a so-called basket of currencies” — recommended Gref, quoted in PRIME.

Meanwhile, in late March, was made public data showing that almost two thirds of respondents (63.6 per cent) have no savings, and most of those who have, they still have a maximum of six months will be enough savings in case of sudden loss of monthly income. These are the results of research carried out from 26 February to 3 March at the request of the insurance company “Rosgosstrakh-Life” and Bank “Opening”.

In particular, more than 60% of the respondents indicated that they did not have enough money until your next paycheck or scholarship, and 34,6% of them lacking a significant amount.

As stated by the chief economist of rating Agency “Expert RA” Anton tabah, Russia — the country is quite poor, and most of the population has no financial opportunities to save money. In this regard, the expert believes, it is necessary to expand the program of support of the population for those who are primarily affected by the crisis. “The problem is that we have the ability to live off savings especially in poor and lower middle class is not very big,” explained the economist.

We will remind that the Russian economy in February—March 2020 was under the powerful impact of two negative factors — the rapid spread of the pandemic coronavirus infection COVID-19 and its deleterious effect on the global economy and collapse in oil prices. Against this background, the rouble significantly depreciated against the dollar and the Euro. Wave of devaluation held from 7 to 9 March and 18 March.

Reacting to the situation, the government and the Bank of Russia has prepared a plan of priority measures for the sustainable development of the economy. As explained by Prime Minister Mikhail Mishustin, “it’s kind of the anti-crisis plan, a set of operational activities that are necessary for stable socio-economic development”. “We will focus on supporting industries that were in a difficult situation, but primarily on the support of the people and providing them with goods of first necessity”, — stressed the head of the Cabinet of Ministers.

In particular, it has been announced vacation credit for small and medium business and people who find themselves in a difficult situation, promised financial assistance to affected industries, provided soft loans, including the payment of salaries, reduced employers ‘ social security contributions, given the postponement of rent and tax payments, excluding VAT, imposed a moratorium on bankruptcy.

In addition, the Central Bank has approved measures to support citizens, the economy and the financial sector in a pandemic COVID-19, and later supplemented them with new packages.

On 16 April, the Minister of Finance of the Russian Federation Anton Siluanov said that the economy is on anti-crisis measures will provide about 2 trillion rubles from the national welfare Fund in 2020, while maintaining oil prices at $20 per barrel. The amount of budget measures to combat coronavirus and its implications in Russia is about 2.8% of GDP. In General, the total volume of fiscal support to individuals and business of all sectors in the context of pandemic coronavirus, the Ministry of Finance was estimated at 6.5% of GDP.

What government measures to support the economy can be most effective today, and what fears the Russian leadership, in the podcast of “Rosbalt” parses economist Alexander Auzan.

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