Ruble, dollar or bitcoin. Where to store money in 2023.

Published: 18 декабря 2022
3 min

Keeping money in rubles

Throughout Russias new history, the population has been acutely concerned about the way in which money is saved. The experience of 1998, 2008, and 2014 has taught people that it is unreasonable to store savings in domestic currency. People who kept money in rubles lost about 90% of the value in 16 years.

In 2022 there were events that no one could predict. At the time of the strong weakening of the exchange rate of the domestic currency to 150 rubles for 1 dollar, the state imposed a limit on the withdrawal of dollars abroad. Also, Russian companies - importers were obliged to sell almost all their revenues on the foreign exchange market, exchanging petrodollars for rubles.

These and other measures sharply reduced the attractiveness of the dollar, but the currency entered the country in the same volume. Based on the laws of the economy, if the market is a lot of foreign currency and no one buys it, then the local currency begins to strengthen. This happened. In June 2022, the exchange gave 51 rubles for 1 dollar. The ruble strengthened 3 times. The situation is unique for Russia, those who kept their savings in dollars, found themselves in a difficult situation.

Impact of the number of dollars in the country on the ruble

The budget of the country is formed according to certain rules. First, the necessary expenditures in rubles for the year are considered. The price of hydrocarbons is then projected and the currency gain is considered. When dividing foreign exchange earnings by budget expenditures, the right exchange rate is obtained. To run a surplus budget, you need to maintain this rate. For this purpose, the Central Bank entered the foreign exchange market and by its purchases or sales influenced the value of the dollar in rubles.

After February 2022, due to account blockages, the Central Bank can no longer buy or sell currency, and the exchange rate is formed by the actions of large exporters in the foreign exchange market.

Prerequisites of ruble depreciation

At the time of writing, the dollar is 63 rubles, which makes the Russian budget scarce. This is the first reason for the depreciation of the dollar by increasing the issue of ruble, as it became problematic to borrow money to supplement the deficit.

The second precondition for the devaluation is a drop in the value of gas and oil on the world market, as well as a decrease in the sales of export goods. This reduces foreign exchange earnings on the domestic market.

The third is the process of moving external payments with suppliers to alternative currencies such as yuan and dirham. Sooner or later, imports into the country will be restored, at the expense of alternative suppliers.

How to save money from devaluation?

Based on the above reasons, in 2023 we can see the exchange rate around 80 rubles for 1 dollar.  

The process of depreciation of the domestic currency is probably unstoppable, but there is an opportunity to prepare for this. For example, transfer your savings into a stable currency. But foreign currency deposits have a negative interest rate and over time the amount on deposit decreases.

There is also a real risk of blocking NDCs, which would mean freezing all foreign exchange savings of Russians. It is officially forbidden to import a cash dollar into Russia.

In the current situation, the only way out of this situation is to buy a digital dollar on centralized platforms - a cryptocurrency that is insured with the equivalent amount in US dollars in the issuers accounts.

Choosing a Cryptocurrency Exchange

Choose a platform on which you can buy USDT you need to be very careful. It is necessary to exclude all exchanges that are subject to the jurisdiction of the EU, and to bypass the platforms that have already been seen in the blockages and restrictions of accounts of Russians.

An excellent solution would be to choose an exchange that does not comply with the requirements of European sanctions and legally operates in Russia. For example, the cryptocurrency exchange AWEX. One of the advantages of the site is that the company has a customer service office in Moscow and representation in Dubai.

To purchase USDT it is enough to register on the site site and in the section Exchange create an application for the required amount.

Then leave your details and wait for an invitation to the selected service office for the exchange. After the exchange, the entire USDT equivalent will be credited to the site account. Digital assets can be held in storage, or transferred to a cold wallet until best.

The process of devaluation of the ruble is already underway and will not be stopped. The cycle of growth in the value of petroleum products is ending and the volume of currency entering the country is decreasing. Start acting, the best time for that is now.

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