Economist Drozdov gave advice on savings: buy or sell dollars

A period of favorable market conditions is beginning for the national currency

Every day, our ruble is regaining its position. On National Unity Day, the Central Bank set the price of the dollar at 93 rubles with kopecks, the euro at 99. This is after 102 rubles for an “American” a couple of weeks ago. Agree, not bad. However, experts expect more to come. Next week, the “American” will drop another 47 kopecks, to 91.95 rubles, and the euro will fall by 1.27 rubles, to 97.68. What can we say here? A penny saves the ruble, it’s not for nothing that experts consider it so scrupulously. But how long will this victorious march of the ruble last?

Let us recall that the ruble began to strengthen by leaps and bounds after the presidential decree on the mandatory sale of foreign currency earnings by exporters. The increase in the Central Bank’s key rate from 13 to 15% and the rise in oil prices played a significant role in this.

By the way, it is expected that next week Brent oil will rise in price by another $4 per barrel and our national currency will begin to feel even more confident.

True, a number of analysts believe that the price of oil on the ruble exchange rate does not matter today, since foreign players have left the Russian market.

In a recent forecast, financial analyst Sergei Drozdov said that the lower limit of the currency corridor, beneficial for the Central Bank, is 92 rubles per dollar. In fact, we will get to it next week. Does this mean the ruble will stop strengthening?

“We have six months ahead, until the presidential elections,” says Sergei Drozdov. – Until this time, the mandatory sale of foreign currency earnings by exporters will remain and, therefore, the prospect of further strengthening of the ruble exchange rate.

– We won’t see a dollar at 102 rubles anymore?

– Not in the foreseeable future. But our ruble has a chance to strengthen significantly. The government needs to reduce inflation. And for this, just raising the key rate of the Central Bank is not enough. We need a strong ruble. If it remains at 90 for a long period, inflation is unlikely to decrease radically. You need to go to the 80+ area.

– What is the conclusion for ordinary citizens? If you have extra rubles, is it too early to run to exchange offices?

– Let’s be patient, as I already said, there’s still six months ahead. During this time there will be volatility and “rebounds”, but there will also be 80+. Previously, our fellow citizens fled to exchange offices out of panic when the ruble weakened. As a result, they suffered large losses from the dollars purchased. A striking example of this is February-March 2022, when they bought for 120 rubles. And in the summer, the “American” dropped to 50-60 rubles.

Now, however, the trend has changed, the Russians have learned something, so we need to be patient and wait. The ruble is weakening quickly, but it is strengthening slowly. You need to follow the messages of the Central Bank.

– Can the Central Bank continue to raise the key rate?

– I think not, this is the peak value. Our fellow citizens can take advantage of the current favorable conditions for deposits. Today it is on average 14%. It is possible that until March next year the rate on deposits will increase. I can advise you to refrain from buying foreign currency for now; it is more profitable to put the money on deposit.