Russians stashing their dollars

Russia’s finance minister Alexei Kudrin urged citizens not to worry about the recent decline of the US dollar, telling them in a televised interview that it is not necessary to shift their savings out of the currency because it will not fall dramatically.

Because of the instability of the ruble since the Soviet collapse, most Russians keep their savings in US dollars.

But the dollar has lost ground lately against the euro and even against the ruble, leaving many increasingly nervous about the practice. Some have already shifted to euros.

Russia is the biggest dollar economy outside of the US, and by some estimates its citizens have tucked away as much as $40bn (€36.2bn) in mattresses, closets and shoeboxes.