Gref does not expect the ruble to fall to extremely low levels in 2022
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The head of Sberbank German Gref does not believe that the ruble exchange rate is “at the optimal level.” In his opinion, there will be no decline to last year’s “extremely low levels” and the Russian currency will strengthen.
In March 2022, the dollar exchange rate exceeded 120 rubles, the euro – 127 rubles. Today, July 6, dollar exceeded 93 rubles, euro – 102 rubles.
“There will be an adjustment to the new realities of the sectors of the economy and a new stabilization will come. I’m not sure that the course is now at an optimal level. I think that it should strengthen, it certainly will not go to the extremely low levels that were last year,” Mr. Gref told reporters on the sidelines of the Financial Congress of the Bank of Russia (quoted from TASS).
The head of Sberbank believes that the market rate in Russia is like a float. He positively assesses the floating rate, as he sees problems with the economies of countries “where they are trying to interfere in pricing.” “This float has now jumped up,” he added.
Head of the Bank of Russia Elvira Nabiullina does not see risks of financial stability in the current weakening of the ruble. She stressed that the Central Bank is ready to carry out foreign exchange interventions, but only if such a threat arises. Commenting on the possible reasons for the fall of the ruble, the head of the Central Bank noticed to a decrease in exports and an increase in imports. She also noted that the rate is formed under the influence, first of all, of the trade balance.
About the reasons for the depreciation – in the material “Kommersant FM” “The ruble has been delineated by the boundaries of weakness”.
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