Russians deem ruble devaluation possible – poll

(Interfax – MOSCOW, July 30, 2013) The majority of Russians deems ruble devaluation possible and anticipates a threat to family budgets, Romir Holding said.

Approximately two-thirds of the 1,000 respondents (64%) polled in seven federal districts in July said ruble devaluation was possible and 13% of them argued that it was inevitable. Twenty-five percent did not expect a crisis, and 15% were undecided.

The respondents suggested several scenarios for the case of ruble devaluation. Twenty-eight percent said they would exchange their ruble savings for foreign currency, and 26% planned large purchases. Sixteen percent were considering acquiring a stash of primary necessities. Twenty-six percent said they would do nothing, and 25% said the problem was immaterial for them.

Nevertheless, the respondents are prepared to tighten their belts for the period of the currency crisis. Over a third (36%) said they would have to optimize their expenditures: 19% would be unable to afford large purchases or entertainment, 18% would stop buying certain commodities and foodstuffs and 15% would not spend their vacations abroad. Twenty-four percent do not intend to change their consumer behavior. Nineteen percent are unable to predict their behavior in the case of a crisis.

Central Bank Chairperson Elvira Nabiullina said in June, while she was still the presidential economic advisor, that the government did not expect a crisis in the near future.