In a situation of actual “freezing” of the currency in the Russian banking system, bank customers have a number of options, but the simplest is to exchange currency for rubles and place them in deposits or stock market securities. RF. This was announced to Izvestia by the founder of Anderida Financial Group Alexei Tarapovsky on Friday, August 5.
According to him, with the actual “freezing” of the currency of Russians, on the one hand, there should be no particular doubts about the reliability of Russian financial institutions – behind each of them is the state – either as a shareholder or as a regulator – which has a wide an arsenal of means to protect the interests of the depositor. However, in a situation of uncertainty, when the money will be unfrozen, there is no direct threat of their loss. On the other hand, there is money, but there is no access to it.
“We should not forget that inflation of both the dollar and the euro is at its highest levels over the past half century, so any uninvested money will melt year by year,” Tarapovsky warned.
The owner of the currency in the Russian bank has few options for action, the specialist said.
“When exchanging currency for rubles and placing them in deposits or securities of the stock market, the investor will have to overcome the psychological barrier in the form of traditional distrust of the Russian national currency. But the savings will start to “work” and at least win back inflation, and as a maximum – and generate income, and not lie on the account as a “dead weight,” the expert said.
Another option is to leave everything as it is and put up with the depreciation of savings by about 10% per year – after all, ruble inflation is still higher. It is also possible to purchase foreign securities on the St. Petersburg stock exchange through a Russian broker. There is also a completely legitimate possibility of opening an investment account abroad, because some foreign companies and banks and international subsidiaries of Russian brokers are now opening accounts for Russians. However, it is possible to withdraw currency to such accounts only from an unauthorized credit institution, the founder of Anderida Financial Group emphasized.
On the eve of the Bank of Russia promised to help accelerate the devaluation in Russia and introduce additional measures to reduce the operations of credit institutions in dollars and euros. The regulator announced the need to create conditions for the transition to the use of national currencies, including the Russian ruble, in cross-border settlements.
In March, the Central Bank limited banks the right to sell cash to Russians. He later relaxed the restrictions. From May 20, banks can freely sell cash foreign currency to individuals. The exception was euros and US dollars: until September 9, 2022, citizens can only buy those dollars and euros that have been received at bank cash desks since April 9. Previously, these restrictions applied to all types of cash currency.
At the end of May, the first deputy chairman of the Central Bank, Ksenia Yudaeva, announced that negative rates on foreign currency deposits could be introduced for legal entities. At the end of June RBC referring to a representative of the Central Bank, he wrote that the Ministry of Economic Development had prepared a bill allowing banks to apply negative rates to foreign currency deposits of legal entities. The amount of remuneration may exceed the amount of interest accrued on the deposit. Changes to Art. 29 of the Law “On Banks and Banking”. If adopted, they will enter into force 10 days after their official publication.
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