Savings Should be Formed in the Currency in Which Expenditures are Paid for

On January 15, during the Gaidar Forum German Gref, Head of the Savings Bank declared that the Swiss franc, Norwegian krona and Swedish krona were the most reliable currencies in the world, but Russians should keep savings in rubles.

The Russian ruble which plays the role of a reserve currency for some Russia's neighbor-states was rated the 11th among 33 currencies in the currency reliability rating. "I would like to say that it is a good place taking into account the fact that the US dollar is rated the 9th", G. Gref said.

There is standard advice: savings should be formed in the currency in which expenditures are paid for. One should also take into account the fact that in the Russian consumer market there is a fairly large share of the import (about 40%-50%), so it is advisable to diversify a portion of long-term savings depending on the pattern of one's own expenditures.

М.Yu. Khromov, Leading Expert of the Structural Research Center