i don’t have any savings, but some of my friends do, and ppl seeing their savings basically halved within a few days were devastated, and anxiously wondered whether they should rush to convert to usd or euros to mitigate at least some of the losses
i obviously didn’t know how things would turn out, but said that they should probably hold on, bc buying at like 110-120 per usd would be awful, but it didn’t really seem that crazy at the time, bc there were massive lines to get cash (both roubles and usd) at atms, and ppl speculated roubles per usd would reach 200 or smth crazy like that
there is still the issue that a lot of things basically skyrocketed in price, which is a massive problem, but at least it’s not compounded by shitty currency conversion rates 🤷♀️
not really i’m afraid, mainly because the average russian has literally no savings, and among the ones that do the average amount of savings will buy you like 20-30 grams of gold, which isn’t an amount you can buy iiuc, plus there are issues with storage, and liquidity
ppl who have enough savings to buy into gold just keep their money in usd or some other foreign currency 🤷♀️
What’s become clear is that despite an incredibly wide-ranging package of sanctions on the Russian government and its oligarchs, and an exodus of foreign businesses, the actions are largely toothless if foreigners keep guzzling Russian oil and natural gas – supporting the ruble by stocking Putin’s coffers. Even as Russia remains mostly cut off otherwise from the global economy, Bloomberg Economics expects the country will earn nearly $321 billion from energy exports this year, up more than a third from 2021.
I think there are a few factors. The fact that the west needs energy is a big one. Rouble is also backed by hard commodities and getting internationalized. Some of the largest countries, like China and India, are continuing to trade with Russia. Russian domestic economy appears to be robust, and western companies moving out is simply opening up room for local companies to take over. Overall, Russian economy appears to be more robust than the west right now.
that’s great news honestly 🥳
i don’t have any savings, but some of my friends do, and ppl seeing their savings basically halved within a few days were devastated, and anxiously wondered whether they should rush to convert to usd or euros to mitigate at least some of the losses
i obviously didn’t know how things would turn out, but said that they should probably hold on, bc buying at like 110-120 per usd would be awful, but it didn’t really seem that crazy at the time, bc there were massive lines to get cash (both roubles and usd) at atms, and ppl speculated roubles per usd would reach 200 or smth crazy like that
there is still the issue that a lot of things basically skyrocketed in price, which is a massive problem, but at least it’s not compounded by shitty currency conversion rates 🤷♀️
though it’s possible that this is simply efforts by the central bank to delay the inevitable crash in value 🤔
Is putting savings into something like gold a realistic option for average Russians with savings?
forgot to mention, there’s a 20% value added tax on buying gold, making this option even less attractive
not really i’m afraid, mainly because the average russian has literally no savings, and among the ones that do the average amount of savings will buy you like 20-30 grams of gold, which isn’t an amount you can buy iiuc, plus there are issues with storage, and liquidity
ppl who have enough savings to buy into gold just keep their money in usd or some other foreign currency 🤷♀️
this article is worth a read https://lemmy.ml/post/221937
The futures market paints a similar picture, so people don’t think it’s short term either.
I’m actually quite surprised. It’s fair to assume sanctions would harm businesses, so what’s changing the price of the Ruble?
Edit: It’s the gas (No paywall)
I think there are a few factors. The fact that the west needs energy is a big one. Rouble is also backed by hard commodities and getting internationalized. Some of the largest countries, like China and India, are continuing to trade with Russia. Russian domestic economy appears to be robust, and western companies moving out is simply opening up room for local companies to take over. Overall, Russian economy appears to be more robust than the west right now.
i’m afraid the two necessarily really tied, but that said, usd does literally sound like a scamcoin nowadays lol 😬
Yeah, we were already headed there and the economic war is acting as an accelerator of the existing process.
Ah how the turntables
Ah how the turnroubles