Russians’ attitude towards the dollar remains mysteriously reverent despite all the complexities in relations between our country and the USA, reported aif.ru Ilyas Zaripov, an associate professor at the department of global financial markets and fintech at Plekhanov Russian University of Economics, .
In January, Russians sold twice the amount of euros they bought. When it comes to dollars, the ratio of purchases and sales is approximately equal, according to one of our major commercial banks that summarized the month.
“Euro is only needed if you are going to Europe to have something to buy hamon at the market in Barcelona or a cup of coffee in a café in Genoa, while the dollar is something fundamental for our people,” Zaripov states. “Even when law enforcement officers arrest corrupt officials, in what currency do they keep their cash? Almost the entire amount is in dollars, euro is there, but just a little, enough for one trip to Europe.”
The same attitude towards the US currency is also inherent in investors, continued the expert. Whenever there is a crisis or downturn in the market, everyone withdraws their assets into dollars or gold.
“The faith in dollars is great and akin to religious belief,” Zaripov concluded. “Euro does not possess this kind of magic. Tourism to Europe has decreased – demand for this currency has fallen. It’s simple, euros are rarely used for savings.”