What currency should you store your money in in 2023?
One of the most sought-after assets has been and remains hard currency; it is in this currency that the majority of the population prefers to keep their savings.
But with the arrival of the new year, investors, as usual, are faced with the question: what currency should they keep their money in in 2023?
After all, due to unfavorable exchange rate changes, you can lose tens of percent simply because you made the wrong choice of savings currency.
Conversely, with a successful investment in foreign currency, you can not only protect your money from inflation, but also make a real profit without much effort.
What currency should you avoid storing your money in in 2023?
First of all, it is not recommended to use national currencies of CIS countries for long-term savings:
Although banks offer higher deposit interest rates on currencies such as the ruble, hryvnia, Belarusian ruble, and Kazakhstani tenge, the depreciation of these currencies can significantly exceed the deposit interest rate.
The most popular currencies, such as the US dollar and the Euro, are also quite unstable.
The US dollar has already begun to fall, and the economic situation within the country is only accelerating this decline.
Despite the fact that the euro currency has been rising against the US dollar recently, it also does not inspire confidence; the European economy is in crisis and the euro could begin to fall again at any moment.
What currency to buy in 2023
To choose the most profitable option, a number of factors must be considered, primarily economic ones. Furthermore, the currency must be sufficiently liquid so that the commission for buying and selling it is not too high.
The Swiss franc has already proven its appeal in 2022, having appreciated significantly against both the US dollar and the euro over the past year.
In 2023, the franc remains a fairly attractive asset, with the Swiss economy showing positive results last year and the currency itself enjoying steady demand.
Canadian Dollar – While the Canadian dollar is not traditionally an investment currency, it has quite good prospects in 2023.
The USDCAD currency pair is currently trading quite close to its ten-year high, but Canada's economy performed better than the US economy last year, suggesting a rise in the Canadian dollar.
Recently, many investors have also begun to use the Canadian dollar as a safe haven, which will only strengthen its position.
There are other options, such as the Saudi riyal, but buying and selling this currency is quite difficult and the commission for such transactions leaves much to be desired.
The easiest way to buy Canadian dollars and Swiss francs is through the trading platform of a forex broker - https://time-forex.com/spisok-brokerov - this will allow you to complete a purchase transaction in just a couple of minutes, and if necessary, you can just as quickly exchange the purchased currency for any other.
