Russia's biggest bank is telling its retail clients to ditch the euro and British pound in favor of the home-team: the ruble.
Sberbank President Herman Gref posted on the bank's social media page on Vkontakte that on Wednesday that Russians should rally around the ruble as he suspects the pound and euro values to drop.
"The Euro today is too volatile. Plus the fate of the euro, especially after Brexit, is uncertain. I would say that for the professional investor there are opportunities in these currencies. But for the retail investor, I would not recommend euros or pounds," he wrote.
He did not say the same about the dollar, which remains the foreign currency of choice for Russian savers.
Last week, after the U.K. referendum to leave the European Union by 2018, emerging markets investment guru Jim Rogers said he prefers dollars, even over gold. “I would prefer to buy the dollar as a haven than gold,” he told Bloomberg on June 27.
The dollar declined by 11.9% against the ruble so far this year.
As an alternative to the dollar, Gref said Russians should consider three other major currencies: Swiss francs; Norwegian krones and Singapore dollars.
