Gref does not see potential for strengthening or weakening of the ruble – Kommersant

Head of Sberbank (MOEX: SBER) German Gref said that he does not see much potential for strengthening the ruble, however, there are no prerequisites for its strong decline. According to him, the fundamental dollar exchange rate is at about 90 rubles/$

“I have already said that there is a fundamental story. At the moment, the fundamental value of the ruble is about 90 rubles per dollar, give or take. You can never predict – we have a market exchange rate for the ruble. Therefore, we don’t see, frankly, much potential for strengthening, but we also don’t see much potential for the ruble to weaken significantly,” Gref said at Sber Investor Day. The event was broadcast on website credit organization.

The ruble has accelerated its fall since last week. Today, December 6, the dollar during trading on the Moscow Exchange exceeded 93 rub. for the first time since November 3. Ministry of Finance in September forecast said, which expects the ruble to strengthen to 94.3 rubles/$ by the end of the year due to the restoration of import dynamics. At the same time, for the period 2024–2026, the department forecasts exchange rate dynamics at the level of 90–92 rubles/$.