Where do famous Belarusian economists keep money?
As ERB has found out, economists do not worry about this issue.
The dean of the economic faculty of BSU Mihail Kavalyou has no savings. Interestingly, he urges the others to save. He says that salaries will not always be increasing.
Mihail Kavalyou: “People have got used to working plants and increasing wages but they should understand that it may not always be like this! Of course, they should save! But Belarusians have a very little savings norm. They should understand that bad times may come and they should have a nest-egg tucked away for a rainy day. Especially now…”
The dean of the economic faculty tries to spend immediately:
“I do not have much money to care about where to save it. I try to spend it rather than save. Although I urge the others to save… I have a Belinvestbank card. My unused money is in Belinvetsbank”.
Mihail Kavalyou advises to save money in different currencies to avoid troubles:
“Divide your money into four equal parts – Belarusian roubles, Russian roubles, US dollars and euro…”
The head of the Association of Belarusian banks Felix Charnyauskih also advises diversifying your savings. The economist keeps his money in Belarusian roubles and dollars. He did not have enough money for euro:
“All my money is in a Belarusian bank now. I do not have much of it but I save a bit. Part of the money is Belarusian roubles and the other part is dollars. I did not have enough money for euro otherwise I would have euro too. My salary is not very big, so what can I do?..”
What can be done if our economists are clever but not rich?
The head of the presidium of the Republican confederation of entrepreneurs Uladzimir Karahin advises keeping money in your own business and investing in your intellect – “the things that cannot be influenced by inflation”:
“The best way of saving money in Belarus is keeping it in your own business or a credit co-operative”.
I keep my money in the enterprises I created once and in higher educational institutions – in stones and chairs… I make my main investments into education and trips abroad. It cannot be influenced by inflation; it is something that is always with me”.
An economist Leanid Zaika says he invests in his intellect and advises keeping money in Russian banks:
“Russian banks will be the most reliable. I personally keep all my savings in my head – my intellect”.
A Russian specialist Dmitrii Butrin, the dead of the economic policy department of the “Kommersant” newspaper, thinks that the best response to a crisis is working harder rather than saving. Mr. Butrin knows a lot about economy and has no savings:
“As a person knowing a lot about economy, I barely have any savings. I have euro check accounts in “Raifazenbank”. However, I prefer spending money when it becomes available. I never worry about the possibility that euro or rouble may fall or grow...
It is evident that there is no use trying to protect my little savings. The best way to protect them is to spend them when there is a threat. It means that the best response to any crisis is working harder rather than saving”.
The dean of the economic faculty of BSU Mihail Kavalyou has no savings. Interestingly, he urges the others to save. He says that salaries will not always be increasing.
Mihail Kavalyou: “People have got used to working plants and increasing wages but they should understand that it may not always be like this! Of course, they should save! But Belarusians have a very little savings norm. They should understand that bad times may come and they should have a nest-egg tucked away for a rainy day. Especially now…”
The dean of the economic faculty tries to spend immediately:
“I do not have much money to care about where to save it. I try to spend it rather than save. Although I urge the others to save… I have a Belinvestbank card. My unused money is in Belinvetsbank”.
Mihail Kavalyou advises to save money in different currencies to avoid troubles:
“Divide your money into four equal parts – Belarusian roubles, Russian roubles, US dollars and euro…”
The head of the Association of Belarusian banks Felix Charnyauskih also advises diversifying your savings. The economist keeps his money in Belarusian roubles and dollars. He did not have enough money for euro:
“All my money is in a Belarusian bank now. I do not have much of it but I save a bit. Part of the money is Belarusian roubles and the other part is dollars. I did not have enough money for euro otherwise I would have euro too. My salary is not very big, so what can I do?..”
What can be done if our economists are clever but not rich?
The head of the presidium of the Republican confederation of entrepreneurs Uladzimir Karahin advises keeping money in your own business and investing in your intellect – “the things that cannot be influenced by inflation”:
“The best way of saving money in Belarus is keeping it in your own business or a credit co-operative”.
I keep my money in the enterprises I created once and in higher educational institutions – in stones and chairs… I make my main investments into education and trips abroad. It cannot be influenced by inflation; it is something that is always with me”.
An economist Leanid Zaika says he invests in his intellect and advises keeping money in Russian banks:
“Russian banks will be the most reliable. I personally keep all my savings in my head – my intellect”.
A Russian specialist Dmitrii Butrin, the dead of the economic policy department of the “Kommersant” newspaper, thinks that the best response to a crisis is working harder rather than saving. Mr. Butrin knows a lot about economy and has no savings:
“As a person knowing a lot about economy, I barely have any savings. I have euro check accounts in “Raifazenbank”. However, I prefer spending money when it becomes available. I never worry about the possibility that euro or rouble may fall or grow...
It is evident that there is no use trying to protect my little savings. The best way to protect them is to spend them when there is a threat. It means that the best response to any crisis is working harder rather than saving”.
