In Russia to put the dollars now nowhere to go, says expert

© RIA Novosti / Anton to Danilovmarat photobacteria in the USA. Archival photoIn Russia to put the dollars now nowhere to go, says expert© RIA Novosti / Anton to Danilovmarat the image Bank

The Russian economy’s need for dollars decreases, which is not surprising in terms of sanctions of the United States, by and large, the U.S. currency is now actively used in the Russian Federation only as a means to attach people of their savings, commented RIA Novosti Vladimir rozhankovsky from «international financial centre», working in the sphere of investment consulting.

«Russia is now the dollars have nowhere to go. Previously, we sponsored carry trade operations, reinvested foreign currency contracts and return of coupons, for example, evroobligatsiy. We have now decreased the amount of Eurobonds, dollar load each month is reduced, because there is no place to place money, the net interest margin reduced by currency, and this trend will continue. It is absolutely objective trend in the light of the financial sanctions,» — said the expert.

American edition Wall Street Journal on Sunday wrote that Russia is trying to abandon the dollar because its economy came under pressure of US sanctions, another round of which is expected in November. The article notes that the Central Bank of Russia this year stepped up investments in gold, on the contrary, selling U.S. government bonds, in addition the Russian authorities are working to increase foreign trade in rubles and other currencies. De-dollarization process should help to mitigate the effect if the new sanctions affect the financial system of the Russian Federation, points out the WSJ.

«Wall Street Journal may for this reason be very surprised, but this man-made thing, and when he introduced sanctions in principle, it had to count. The Russian economy now need rubles, dollars is not necessary,» said rozhankovsky.

In his opinion, now in Russia the currency performs practically the only feature is a means of savings. «To one or the other currency was strong in the economy, it must circulate, to turn. We have people buy dollars, then stored and at some point changed into rubles. More with the dollar we have nothing going on in the economy», — said the expert.

In Russia to put the dollars now nowhere to go, says expert© Vitaly Podistiche, all is lost!