Economist Samoylenko explained what to do now with cash dollars

The unscheduled increase in the key rate by the Central Bank made Russians think about what to do with savings and whether it is possible to make money on currency fluctuations. It is clear that the main rule is not to panic and not make hasty decisions. Economists told MK that it is now wiser to sell or buy dollars.

Alexander Bakhtin, investment strategist at BCS World of Investments: “First of all, you need to proceed from your goals and the composition of personal savings in terms of currency. The current levels, on the one hand, are generally suitable for reducing currency positions. Given the actions of the Central Bank, it can be assumed that the dollar is likely to go in the direction of 90 in the near future.

On the other hand, it is important to remember that assets denominated in foreign currency should be at least 30-40% of the savings of a person who earns and incurs the main expenses in rubles. This approach helps to reduce the costs of exchange rate volatility.

You also need to understand that “making money on the course” is more the lot of professionals than ordinary investors who cannot take into account all the nuances and risks. The currency, like the ruble, must work so that inflation does not “eat” it, so it is better to immediately invest the currency in appropriate instruments, for example, in stocks traded on the Hong Kong stock exchange, currency mutual funds, bonds and deposits.”

Ivan Samoylenko, managing partner of B&C Agency: “In the current situation of high volatility in the foreign exchange market, it’s definitely not worth it for Russians to start doing anything to earn money on currency fluctuations – you can easily lose. If you buy currency regularly in certain volumes (as finances allow), then continue to do this, the ruble is definitely not threatened with a strong strengthening. If you wanted to start buying foreign currency to protect ruble savings, do it anyway, as rising inflation will “eat up” the purchasing power of the ruble.

But it’s definitely not worth speculating on the foreign exchange market right now – there is a great chance to burn out, even if you buy dollars on the stock exchange, where the rate can be the most profitable. Too unstable and little predictable situation with the ruble, despite the decisions of the Central Bank.

Let me clarify that citizens can buy and sell foreign currency in accordance with the current legislation. That is, through bank branches – if you buy and sell cash dollars and euros.

To trade on the stock exchange, you need to open an account and act through a broker. In this case, no sanctions of the inspection bodies (tax, financial intelligence, etc.) threaten citizens, everything is within the law. But the purchase and sale of foreign currency “from hand” is prohibited and prosecuted by law, so it is worthwhile to carry out all transactions through cash desks in banks or through an existing foreign currency account.

Fedor Sidorov, private investor, founder of the School of Practical Investing: “In order to make money on the volatility of currencies, you need to have very large capitals. Only then the difference in rates will give a noticeable increase in the asset. We are talking about tens, and better – hundreds of thousands of conventional currency units. Otherwise, the benefits will not outweigh the risks.

In addition, now there will be a stir in the market, because of which only professional players will be able to make a profit, and ordinary citizens, at best, will go to zero.

In such a situation, of course, the main rule is not to panic. I think that it is not worth selling the currency at a high price, hoping for a quick rollback of rates. If the downward trend of the ruble is reversed, it will not be very soon. It is unlikely that in the foreseeable future we will return to values ​​​​of the order of 65 rubles per dollar.

It must be remembered that since the spring of 2022, a number of restrictions on currency transactions have been in force in Russia. Until September 9, 2023, a temporary procedure for withdrawing funds from foreign currency deposits is in effect: if the currency was credited to the account before March 9, 2022, it can be withdrawn in cash, but not more than 10 thousand dollars or euros.

If the amount is more than the limit, the balance can be received in rubles at the exchange rate of the Central Bank on the day of issue. Everything that was credited to the account after March 9, 2022 can only be withdrawn in rubles at the market rate on the day of withdrawal. There are also restrictions on the transfer of currency abroad and the export of cash currency from the country. If you stick to the designated framework, then citizens will not have any problems with foreign exchange transactions.

Read the material “The dollar did not obey the increase in the key rate of the Central Bank”