Devaluation of bank deposits in Russia
But experts assure that only inflationary risks can affect the ruble savings. "Nord-Capital" senior analyst Sergei Alyn predicts moderate weakening of the ruble. Scenario with the devaluation is possible in case of aggravation of the situation in Ukraine. But the Ukrainian situation is bettering and, therefore, exchange rates and stock indexes are stabilizing. Nevertheless, the analyst believes that the depreciation of the national currency will negatively affect the Russians' savings. "The point is that the vast majority of our population receives their salary in rubles, and the purchasing power of ruble declines. People with foreign currency loans, especially long-term and expensive mortgages will suffer more. That is why we have always urged not to take foreign currency loans", says S. Alyn. The director of the Moscow branch of CB "Energotransbank" Paul Sakadynsky believes that the overall economic situation may worsen by the reason of providing financial aid to Crimea. Furthermore, raising the key rate by the Central Bank will lead to higher interest rates. But deposits interest rates will also rise. So, P.Sakadynsky advises not to fear. Inflation is more dangerous. In experts' view there will not be rise in prices by 6.5%. Most likely, it will be between 10% and 15%, which hits the poor and middle class. "The economy falls into a vicious circle, the outcome of which is uncertain", complains P. Sakadynsky. Galina Utkina, director of the department of deposits and commission-based products "Renaissance Credit" considers that depreciation of the ruble against the dollar and the euro has no effect on the behavior of the bank's depositors. In her opinion only a small percentage of customers convert their money into foreign currency, and some of them have diversified their savings earlier. To minimize losses due to exchange rate fluctuations, G.Utkina recommends saving money in different currencies. Analyst of the "Home Credit" Bank Stanislav Duzhinskii says that weakening of the ruble has no effect on its purchasing power. He notes that very often frightened depositors want to convert their savings into foreign currency. This is a risky way as panic is a bad advisor in financial matters. "Bank of Russia has large reserves (about $ 500 billion), and effective tools for leveling inflationary risks caused by depreciation of the ruble," soothes the analyst. E. Shalihmanov, working for "Investment advice," of a consulting group "NEO Centre» excludes the possibility of shock devaluation of the national currency. He is confident that the impact of the consequences of ruble weakening is not much. "Only inflation will influence on ruble deposits depreciation," he says.
