Bosnia and Herzegovina economist Admir Čavalić on the safest currency for savings

"The safest are the main currencies such as the dollar, euro, Japanese yen, British pound, and the like"

by Sead Dedovic
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Bosnia and Herzegovina economist Admir Čavalić on the safest currency for savings

World economies were affected by COVID19, as well as the war in Ukraine. Over the past few years, a lot has changed. Savings have become the norm around the world. This is largely due to a fear of an even worse economic crisis and a difficult life situation.

During an interview with the media, Bosnia and Herzegovina's Economist Admir Čavalić explained which currency is currently the most safe, and which is most vulnerable to the current crisis. "The safest are the main currencies such as the dollar, euro, Japanese yen, British pound, and the like.

These are the most attractive currencies for trade, and accordingly, it is assumed that there will be trust in the aforementioned in the coming period. Of the aforementioned, it is possible that the euro stands out as a currency that is the most exposed to the current crisis, while understanding the position of the EU," he said.

The popularity of cryptocurrencies is growing every year. The trend of investing in cryptocurrencies is increasing. A lot of people wonder how much the crypto world will change the world as a whole. "Also, in times of global crises and turmoil, cryptocurrencies, now traditionally, have growth," Čavalić said.

SAVINGS

People often wonder whether it is better to save at home or in banks. Making such a decision can be very difficult at times. "In any case, it's better to save in banks. If nothing else, just for added security. Of course, the question is what amounts are involved (following the concept of deposit insurance).

It's best to save where we have the highest returns, with guaranteed security. Today, the house it doesn't offer security, and the bank doesn't offer returns, so you should look for alternatives for savings elsewhere," he continued.


Saving money became a way of life during the pandemic. It is possible, however, for such a phenomenon in society to have a domino effect at times. Saving brings with it some other things. "Because of this, many citizens were forced to save, or to postpone consumption for later.

This is a completely expected phenomenon that conditioned some other phenomena such as significant purchases of shares, cryptocurrencies, etc., at least in the developed countries of the world. The crisis usually leads to savings, but there are and extraordinary situations when the crisis requires significant costs, i.e. higher consumption," he concluded.

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