More Russians Saving in Dollars

By Bloomberg

June 16, 2010

Russians’ preference for ruble-denominated savings declined last month for the first time this year as more people saved in dollars, a survey showed Tuesday.

The number of Russians saving in rubles fell to 88 percent in May from 92 percent the previous month, the state-run VTsIOM pollster said. Dollar-denominated savings rose to 11 percent from 7 percent in the same period, it said in an e-mailed statement.

The ruble has lost 3.6 percent against the dollar since the beginning of this year, while gaining 13.2 percent against the euro, Bloomberg data show. Russians kept 8 percent of their savings in euros in May, unchanged from the previous two months, according to VTsIOM.

VTsIOM interviewed 1,600 people in 42 regions for the survey last month. The margin of error was 3.4 percentage points.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue