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Economist advises Russian tourists to buy foreign currency before December 5

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Electronic scoreboard with dollar sign. archive photo

Economist Grigoriev advised Russian tourists to buy foreign currency before December 5

MOSCOW, November 27 – RIA Novosti. Candidate of economic sciences Vladimir Grigoriev, in an interview with Sputnik radio, said that Russians who plan to travel abroad during the New Year holidays should buy foreign currency before December 5th.

It is assumed that from December 5, a new restriction on the Russian oil industry by the European Union will enter into force. We’re talking about the peak of oil prices in Russia. Grigoriev thinks that this measure affects an important area for the country’s economy and may affect the ruble exchange rate.

“If EU oil sanctions come into effect, the dollar may grow against the ruble. We have such a model: when some restrictions or sanctions are imposed against Russia, the national currency begins to weaken temporarily,” he said.

The economist believes that it is logical for Russian tourists planning to travel during the New Year holidays to stock up on foreign currency in advance and buy it at the most affordable price, so as not to “lose” it.

“If our tourist buys foreign currency before these sanctions come into effect, then he certainly will not lose, because there is a hypothetical probability of weakening of the ruble,” said Grigoriev.

But he is confident that serious changes in the foreign exchange market should not be feared.

“If the sanctions are going to have an impact on the ruble, it will be very limited. The maximum range of fluctuations can reach ten percent, that is, six to seven rubles. But I think the changes will not exceed five percent. There will be no exchange rate of 100 rubles per dollar,” he said.

He added that thanks to Russia’s trade surplus, the ruble has a very strong position.

“The ratio of ruble to dollar or euro in our country is determined by the balance of trade, that is, the ratio of the volume of exports to the volume of imports. If goods are purchased for other currencies, not dollars or euros, then we can say that there should be no big change in the course,” explained Grigoriev.

According to the economist, it is necessary to invest in foreign currency carefully, given the various restrictions imposed by both Western countries and Russia.

Source: Ria

Emma
Emma
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.

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