What to do with currency — economist’s advice

Russians should not rush to buy foreign currency or exchange it for rubles without urgent need, economist Igor Nikolaev said in an interview with MK.

“If there is an urgent need to get rubles, of course, you need to sell foreign exchange reserves. If not, then there is no need to rush. We see that now the restrictions are gradually easing, therefore, nothing will prevent you from selling dollars later,” Nikolaev said.

The expert also suggests that the trend towards the weakening of the dollar may change. So, citizens will be able to exchange currency at a more favorable rate.

Nikolaev notes that, although the dollar and euro exchange rates are now favorable, there is no need to run and exchange all the money, but only those that will not be needed in the foreseeable future, that is, if they can be called «extra money.»

And what about the ruble?

Despite Western sanctions against Russia, the ruble has been rising in price since mid-March and returned to the level of two years ago.

It is worth noting that the country’s authorities have done everything possible to strengthen the ruble. Among the measures taken: the introduction of a special regime and the blocking of capital outflow routes.

Thus, there is a ban on the sale of assets for non-residents, as well as restrictions on foreign exchange transactions. Significant decisions include gas supplies for rubles.

As a result, the demand for the national currency is formed by importers and the population of the country.