The Russian mass media continues a stream of absurd upbeat news about resilience of the Russian ruble. Another dramatic event at the Russian media scene was the news that the Russians finally believed in the ruble. Apparently, when there are no real, objective reasons to know for sure, all we left to do is to believe blindly.
According to the survey of the National Agency for Financial Studies (NAFI), the Russian citizens prefer to keep money not in the US dollars, but in the rubles. This bit of news was enough to proclaim that the ruble became dearer and more precious to the people. Articles became even more optimistic. The news continues with the statement that the total share of dollars kept in the Russian households decreased by 6 percent in the last three years and reached 13 percent. The reduction in savings in foreign currencies is even presented as the ruble's victory over the US dollar. However, it seems that the drop in household incomes, and especially the reduction in savings, is not a reason to think seriously about the economic problems, but a chance to rejoice and report that the Russians finally believed in the ruble.
The statistics released by the Bank of Russia confirms genuine love for the Russian currency. From July 1, 2016 to July 1, 2017, the share of deposits in foreign currencies decreased from 26 to 22 percent. According to the Russian experts, the reduction is exclusively associated with the stabilization of the ruble exchange value and the fall in the US dollar deposits rates.
