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Analyst Golubovsky explained the risks of storing cash in dollars with the possible blocking of banknotes

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An analyst at Golden Mint House says holding cash savings in dollars poses risks to citizens of the Russian Federation. Dmitry Golubkovsky. The loss of savings could be due to the risk of robbery as well as a possible ban on printing US dollars for Russia, Arguments and Facts reported.

As of February 1, 2023, the cash volume in the hands of Russian citizens amounted to 105.4 billion dollars. The data was published by the press service of the Central Bank of Russia.

Golubovsky believes that before the start of the conflict in Ukraine, Russian banks used the dollar as currency to save money. However, there is currently a risk that the US will ban the circulation of some notes, which could result in loss of funds.

On the other hand, this may also become an important factor for the diversification of foreign exchange instruments in Russia. The analyst said that the yuan may become more popular among citizens in the future.

It was previously reported that the largest financial institutions in the USA would deposit $30 billion into the accounts of the troubled First Republic Bank. Thus, they hope to stabilize the company’s cash flow.

Source: Riafan

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