Russia » Economics
Author`s name Ольга Савка

Silver Australian Dollars Instead of Russian Gold Ruble

Russian Sberbank starts selling foreign gold coins to Russians

Capitalism is the state of mind, when a value has only one goal – profit. Everything else does not matter. The most important thing to do is to sell something. It does not matter, what and to who. National interests stop playing any role at that. Will the Chinese buy it? Let’s sell it to them.

The Central Bank of Russia, the Finance Ministry and the Russian government were about to put a gold ruble into circulation after the financial crisis of 1998. If they decided to do so, the Russian economy would be totally different now. Probably, the situation with bank deposits would still be the same as now. However, selling gold coins on the home market would definitely allow the state to accumulate a lot more money, than it has at the moment.

Russian liberal reformers did their best in order to not let it happen. First of all, their American teachers said no to the gold standard in Russia.  Second of all, a gold ruble would be dollar’s worst enemy. There was a time, when the USA spent a lot of its efforts in order to reduce the value of gold for the world financial community. Thirdly, Russian people’s priorities would change. The people would definitely prefer to keep their savings in gold, foreign notes would not matter at all. This would eventually make dollar leave the Russian economy. The USA would not like it at all. However, it deems that the Russian government is longing for the love of the White House.

So, what do we have now? Russia’s gold and value reserves dropped. Sberbank, the major bank, in which the majority of Russian depositors keep their money, decided to sell gold coins to Russian people. However, those coins will not be rubles, but foreign coins made of precious metals. This is another way to invest in foreign countries’ economy.

Sberbank released an official statement today, in which it was said that the sale of Australia’s classic investment coins would start until February 1. This time, Australian investment coins are silver coins of 50 Australian cents and of one Australian dollar. Fifty-cent coins are made of 999 standard silver. They were produced on the threshold of the Chinese New Year, so they depict the images of a goat and of a hieroglyph, which signifies this animal. One-dollar coins depict a unique animal of the Australian continent. The Australian money is known for up-to-date coining  technologies, first and foremost. Certain Australian coins are really valuable collectibles. By the way, Sberbank’s press service also informed that last year the bank managed to sell 300 thousand foreign coins of precious metals to Russian people.

On the photo: Silver Australian dollar

Kira Poznakhirko
PRAVDA.Ru

Translated by Dmitry Sudakov

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