Kudrin calls on Russians to diversify savings in crisis

Author: Inga Friedelhaus Section: Major Events of the Month

Issue: July 2009, Vol. 4, No. 6

Tags: Kudrin

print-friendly version

Anticrisis Diversification 

Finance Minister Alexei Kudrin has advised Russians to refrain from keeping all their savings in one currency, but rather spread them across several currencies as balanced diversification of ways of saving wealth helps boost their security during crisis. “It is advisable to keep one’s savings in rubles, dollars and euros, because spreading them across baskets of different currencies is a good savings strategy in crisis.”

Besides, Kudrin also recommends keeping one’s savings in bank deposits and securities, also denominated in different currencies. “This is because such approach is a general recipe.”