here's what needs to be done now

The fall of the ruble, the increased key rate and the lack of understanding of what will happen next year make Russians worry whether their savings will be wiped out. Economist Elman Mehdiyev shared his recommendations with the Prime agency. His advice concerned the most effective ways to manage available funds. In particular, he recommended refraining from opening long-term deposits, instead proposing to consider options with shorter terms – about 7-8 months.

In his commentary, the financial analyst explained that if inflation remains high, the Central Bank will most likely decide to increase the key rate. This, in turn, will have a positive impact on the profitability of bank deposits, making them significantly more profitable for clients, he added…