Gref expects ruble to strengthen Business RusLetter

The ruble exchange rate is currently not at the optimal level and will strengthen in the future, declared Chairman of the Board of Sberbank German Gref on the sidelines of the Financial Congress of the Central Bank.

“I don’t think that the exchange rate is now at an optimal level, I think that it should strengthen after all,” RIA Novosti quotes him as saying.

At the same time, the national currency will not fall to “extremely low” values ​​of last year, Gref added. The head of Sberbank compared the exchange rate with a float that bounced up, which means that all sectors of the economy will adjust to the new realities and “some new stabilization will come.” Sberbank has not yet changed the dollar exchange rate of 75-78 rubles at the end of the year, which is included in Sberbank’s macro forecast, he added.

On July 6, the dollar exchange rate exceeded 92 rubles. for the first time since March 28, 2022, the euro exchange rate reached 100 rubles. for the first time since March 29, 2022. Then the currencies continued to rise. As of 10:51, the dollar exchange rate was 93.53 rubles, and the euro exchange rate was 101.65 rubles. The euro and dollar have been growing since the beginning of last week, after an attempted armed rebellion in Russia.

Central Bank Chairman Elvira Nabiullina said earlier today that with the weakening of the ruble, you need to look at the dynamics of foreign trade, and not build conspiracy theories. The current dynamics of the ruble is connected with foreign trade, she noted. The Central Bank, she said, will take into account the risks and dynamics of the exchange rate, which now carries pro-inflationary risks, when making a decision on the key rate.