Two of the FT’s brightest are currently in Moscow to gauge the reaction to the falling ruble and there’s no real panic among citizens just yet.
The biggest reaction they’ve seen is a rush to the shops for fairly big ticket items to beat the price rises that will come with the collapse of the currency. Jewellery has obviously been in demand from those wishing to protect their money but durable goods and furniture has also been in demand. There have also been big queues at Ikea ahead of prices going up on Thursday.
As far as protecting cash, there’s not been as big a rush to change up savings and pensions into other currencies like dollars and euros, although those that missed out exchanging at 30-40 rubles have been the main ones buying at the shops.
The article is dated and I’m unsure if it’s taking todays moves into account. It certainly tells a good tale of current sentiment in Moscow and is worth a read. It’s gated but available withy a free sub here.
If these moves continue then the queues might start lengthening at banks and exchange kiosks.
Separately just on the wires, Alpari says they have stopped customers taking new positions in USD/RUB
Russians urged to get in quick before the price of a desk Jerker goes up
