In light of the sanctions, the Central Bank offers a set of tips on how to safely store savings

The Financial Culture platform, the information resource of the Central Bank, provided a set of economists’ advice to citizens in order to avoid losses in light of the sanctions imposed on the Russian financial sector.

The resource said that Russian citizens who want to keep part of their savings in the currencies of countries that have applied sanctions against Russia should consider opening an account abroad, according to the Financial Culture platform.

“If it is important for you to keep money in Russia, it is better to choose currencies and instruments that will not be affected by sanctions,” the expert’s recommendation says.

Keeping savings in dollars is no longer a reliable method after sanctions were imposed against Russia, because the restrictions can be tightened, and then banks and the Central Bank can do nothing about it.

The experts analyzed the possible situations that citizens who have accounts in foreign currency may face. For example, if a citizen wants to keep money in dollars in a Russian bank, but the bank charges a high commission for servicing the account.

Sanctions have virtually deprived Russian banks of the ability to let this money go anywhere, and the money that remains in stagnation brings losses.

In addition, it is possible that restrictions will be tightened, and then the ability of banks to manage this money, or even simply transfer it to another bank, will become less, so banks are trying to reduce the amount of money from their customers. accounts in foreign currencies, charging high commissions.

“What if you want to continue to keep money in a certain bank, then you will have two options either to open an account in the currency of a country that has not imposed sanctions against Russia, or in rubles.

Source: RBC

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