Russian Finance Minister Advocates for Strategic Savings Options
In a recent address at the marathon "Knowledge.First," Russian Finance Minister Anton Siluanov highlighted the best ways for individuals to save and grow their money in today's economic climate. According to Siluanov, the most profitable avenues for savings include government securities and bank deposits. He emphasized that the choice of savings instruments largely depends on the duration of the individual's financial goals. For long-term investments, he recommends federal loan bonds (OFZ), which are currently offering yields between 16.5% and 21.6% depending on maturity dates.
Siluanov noted that the maximum interest rates on bank deposits have also reached 20.2% per annum, making them a viable alternative for those looking to secure their savings with minimal risk. He stated, "A deposit is also a good solution. Today, the rates are such that it seems to me that not every business will be able to provide such a return." This assertion highlights the competitive landscape of investment opportunities in Russia.
Long-Term Savings Program Launched
The Finance Minister also introduced the long-term savings program (LTSP), which commenced on January 1, 2024. This initiative allows individuals to create agreements with non-state pension funds, facilitating the transfer of pension savings or personal contributions. The funds are insured up to 2.8 million rubles and are primarily invested in OFZ, infrastructure, and corporate debt securities. Siluanov encouraged parents to open accounts under this program for their children, suggesting that by the time they reach adulthood, the accumulated interest could provide substantial financial support.
Caution Against Cryptocurrency Investments
While discussing investment strategies, Siluanov advised against investing in cryptocurrencies, citing their high volatility and associated risks. He stated, "Many people see it as a source of quick money. I don't recommend it... Today, there are plenty of other ways to invest and make good money." Instead, he emphasized that the best investment one can make is in education and child-rearing, advocating for financial literacy from an early age as a crucial element for future generations.
Experts in the field echoed Siluanov's sentiments, with analysts noting that government bonds and deposits are indeed effective methods for saving with low risk. They also indicated that yields on these financial instruments may rise if the Central Bank increases the key rate by the end of the year. Furthermore, the purchase of gold is suggested as a reliable hedge against inflation, although fluctuations in its value warrant cautious investment strategies.
