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20 Jan, 2009 11:25

Keep savings in different currencies, Russians told

Keep savings in different currencies, Russians told

Finance Minister Aleksey Kudrin is advising Russians to keep their savings in several currencies during the financial crisis.

Speaking at the third Russian-Chinese financial meeting in Beijing, Kudrin said that after a period of devaluation connected with oil prices, the ruble would stabilize and begin to grow in value.

«[The ruble] will soon be a profitable store of value again. Those who keep their savings in rubles for more than a year or two can leave them in rubles safely», Kudrin said.

He added that the time is not right to keep savings in Chinese money, as it is a soft currency. He said there is no mechanism in place in the Russian banking system to exchange yuans.

“In the medium term, China will prepare for the convertibility of its national currency. As a result the yuan will become more attractive and when it is fully convertible it will become the most attractive currency in the world”, Kudrin said.