The Russians have growing confidence in their national currency that was triggered by the ruble’s consolidation and stability of the general economic conditions. In H1, the ruble has become extremely popular as more and more locals prefer keeping their savings in the Russian currency, not in the greenback or euro as it used to be. According to the survey, 47% of respondents opted for the ruble, while the U.S. dollar and the single currency are chosen by 13% and 10%, respectively. In early 2014, the poll showed the following preferences: 31%, 23%, and 15% correspondingly.
In 2007, 51% of Russians believed in the ruble. In case the trend persists, that pre-crisis reading will be achieved by 2015. As for the arguments for the currency to be picked for savings, they have been the same for a long time. The hardline locals leaning towards the U.S. dollar claim that the currency is backed by the world’s superpower. As for the patriots, they are of the opinion that it is inappropriate to support an alien economy while living in your homeland. Besides, there is a risk that foreign currencies might devaluate any time.
Furthermore, it is much more convenient to keep your cash in your home currency, especially when your salary is paid in rubles. What’s more, the Russians gain no benefit while converting trifling sums of money into the U.S. dollars and vice versa, especially for a short period of time. When it comes to big money, it is better to switch to a currency basket, experts say. In other words, whatever currency you prefer, have as much money as you can. As a proverb says, store is no sore.
