The ruble cases coincide with the holiday shopping season, this year’s main shopping period in Russia. The stores are already full of offers. But trade has now got extra speed.
– There is a way to protect themselves from inflation. People take out their saved rubles from the bank and is durable goods. I myself was in a store yesterday and saw a guy who bought four or five large televisions, said Denis Denis Davydov, chief analyst at Nordea in Russia.
To act is an option to switch rubles against dollars. Prices have not yet been increased at the same rate as the currency dropped in value.
– Smaller banks and banks in small towns do not have dollars in their offices, there are no notes physically. And in general, it has become more difficult to change because exchange rates fluctuate significantly. Many banks have built up their own safety margins in the courses. There is a big difference between what you are selling and buying foreign currency. Yesterday we could see banks that bought euros for 85 rubles, but sold for 105 rubles per euro, says Denis Davydov.
However, it is only a matter of time before spending spree is over. Apple has already closed all Internet sales of phones, tablets and computers.
– Due to the extreme variations in the value of the ruble, our internet shop in Russia closed while we review our pricing, says a spokesperson for IT Giant, AFP reports.
At Ikea, there have been runaway, among other things, to buy new kitchen before prices go up tomorrow. The company has previously promised to keep the same prices throughout the year, but has changed his mind. “The prices of including wardrobes, kitchen and storage systems will change from tomorrow, December 18th,” writes Maria Tikhonova, Head of Communications at Ikea in Russia, in a statement said.
60 percent of the products sold in Russia are manufactured in the country, but the business is also dependent on currency fluctuations and commodity prices.
“We at Ikea Russia is making great efforts to minimize the impact of these changes for our customers,” writes Tikhonova.
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