Finance Experts Say Investing is Not Necessary Right Now

Russians are considering investing in order to enhance their savings in the face of rising oil stock prices. In an interview with Sputnik Radio, Oleg Shibanov, head of the Skolkovo-NES finance center, highlighted what is not worth investing in right now, RIA reports.

The strengthening of the ruble and the expansion of the Russian stock market resulted from the increase in exchange oil prices. The rates on bank deposits, on the other hand, were briefly cut during the epidemic, prompting many Russians to take a closer look at such a tool as investments.

At the same time, some Russian investors and depositors are drawn to the potential to profit from the rising ruble exchange rate and diversify their portfolios by purchasing foreign currency. However, according to Shibanov, head of the Skolkovo-NES finance center, such a judgment would be incorrect (Russian School of Economics).

He is confident that ruble deposits and investments are now more rewarding than those made in dollars or euros.

Banks often pay greater interest on ruble accounts than on foreign currency deposits, he noted.

Shibanov claims that there are two scenarios in which purchasing a certain currency is appropriate. First, if a person expects the value of this currency to skyrocket, and second if his costs are denominated in foreign currency.