Escaping inflation with HBD savings
Day after day has the economic condition in my country worsens due to inflation, the goal has been to somehow stay ahead it by putting things in place and the HBD offers a solution against the falling exchange rate.
The hive backed dollar is one stable coin that is often neglected or maybe it is because people are unaware of it. This week has been quite a funny but yet interesting one with the domestic currency- the Naira falling five times in the past few days against the dollar.
At this rate, there's no telling how much it will be worth by year end. One can only hope it doesn't become like the Zimbabwean currency. After observing the trend, the goal is to escape the depreciation in the currency by keep saving in the dollar.
With saving in the dollar one might be able to get more value for one's money worth in the future and be able to make certain purchases has the cost of living and food supplies continue to go up in value due to the inflation.
With the Naria on the free fall which discourages me from saving it at the bank, it offers no benefits as there's basically no yield when compared to the HBD which offers 20% APR which is quite a lot that can given for just holding. It also attracts no charges unlike the Banks over here that deducts your money unnecessary due to one charges or the other.
For those very reasons, it will be saving in the HBD for me and building it here on Hive and on the PolyCub pool at pHBD-USDC with my post rewards from Hive and any other income.
Thanks for Reading
Posted Using LeoFinance Beta
Simple, straightforward, and beautiful post. The same thing is happening with our currency. My country people might be going crazy but I am in investing for a long time so country inflation is good for me. Check out the gold price ;)
Early buyers, I hope you also buy as much as you can to earn from compounding. !1UP
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