And finally, the latest news: the results of dollar deposits in such currency in the case of sanctions is not discussed, said the Chairman of the Board of Sberbank German Gref. The word “results” for some reason I immediately imagined a queue for the cash in numerous Bank branches across the country. This is prepared the solution? Don’t want to believe it.
I think that the millions of customers of public banks deserve that someone wrote them a detailed letter and told him how the Bank understood the situation and that he specifically going to do to protect the interests of its depositors.
Because until now people are forced to “eat” different garbage information and speculation, instead of getting clear answers from your financial institution that they entrust the money and who profits. Agree that investors have the right to demand from their Bank an operational and reliable information about the fate of their accounts.
To establish communication
“We give people confidence and reliability, we make their lives better, helping them to realize their aspirations and dreams”, — stated in the code of ethics of the savings Bank. Now is the time to think about it.
What do we expect from this letter? Probably, it is necessary to describe in detail the situation with sanctions and to consider possible options of action for the protection of the interests of the depositor. The most important thing. Need answers to key questions: “do I Need to run and withdraw us dollars in cash?”, “To translate them into euros or rubles?”, “Wait for the signal from you or to rely only on themselves?”.
I would, for example, wrote to its clients that your Bank knows the problem and protect your money. Do this to about anything you do not have to think about. We invite each investor several options to choose from, and he will be able to take the best for themselves and their families. Our main principle — to preserve and multiply your savings. Remember that we have the best professionals in their field, and we will do our best for your prosperity.
Thus, Sberbank and other banks should assume a public commitment to fight for the interests of their depositors in terms of the threat of new sanctions and to execute it. It can be a true test of maturity of the Russian banking system. How will she cope with him, so are the citizens of Russia to treat it: how the modern financial industry or ordinary crooks, seeking to capitalize on the misfortune of their compatriots.
You need to recognize that banks themselves are in a very difficult situation. They have to look for difficult decisions in the upcoming force majeure. For the remainder of November, the time must not only find the right solution but also to adequately prepare for it. For example, “clearing” their bills from U.S. currency and to securely “Park” the money somewhere. Most likely, it would be a Central Bank.
The problem is that most of these money from deposits “works” on the economy, so they do not just withdraw. But there are also investment products in USD bonds and Eurobonds, which are necessary to serve foreign currency loans and much more. Russian state-owned banks do now not to be envied.
However, in this situation the priority should be the interests of the people who entrusted the Bank their savings. In this regard, I propose to use relatively simple “technical” solution that can significantly ease the burden of “change” for the Russians and will spend all manipulations with the money decent, obaidat without the traditional hassle, queues and conflicts.
This requires all open at the moment, the dollar deposits to transfer to the status multicurrency. This means that their owner will be able to legally operate their funds in the account in any of the aforesaid Bank currency. I think the U.S. dollar, Euro, British pound and Swiss franc would be enough. For relatively small deposits can be restricted to EUR, and large — to give the opportunity to use the whole range of currencies.
In the case of sanctions to work with dollars, the investor can continue to work with their money in the Bank, choosing it via online banking replacement currency. Conversion must take place at the current market rate directly, e.g. from dollars into Euro or the franc. In this case, the interests of the depositors, in fact, will not be affected and bankovskiy system will do without the panic and big losses.
In conclusion, I want to note that the sanctions threat for the holders of dollars is very serious. Even if a ban on working with the American currency will not be accepted, it means only delaying the problem, not her disappearance. You can most likely expect that after some time this issue will arise again on the agenda. This time it is not excluded that the sanctions will come into force. That’s why I would advise anyone who for whatever reason prefer foreign currency deposits, to focus on the Euro as the main currency savings in the near future. As they say, better safe than sorry.