You can't sell to buy
An 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 wiser now to sell or buy dollars.
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“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 very 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 currency should be at least 30-40 % as part of the savings of a person who earns and bears 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.
< p>“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 so, the ruble is definitely not threatened with a strong strengthening. If you wanted to start buying currency to protect ruble savings, do it anyway, as rising inflation will “eat up” the purchasing power of the ruble.
But speculating on the foreign exchange market is definitely not worth it right now — there is a great chance to burn out, even if you buy dollars on the 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 currency “with hands” is prohibited and prosecuted by law, so all transactions should be carried out through cash desks in banks or through an existing currency account.
big 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 rush on 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 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 limits, then citizens will not have any problems with foreign exchange transactions.