Gref expects the dollar exchange rate to gradually fall to 90 rubles – Kommersant

The head of Sberbank, German Gref, suggested that the dollar exchange rate would gradually drop to 90 rubles. thanks to the decision on the mandatory sale of foreign currency earnings to exporters. He told reporters about this at Russian Energy Week.

“In general, we expect a gradual stabilization of the exchange rate and a depreciation of the dollar at this stage somewhere around 90 rubles per dollar. In the future, if the parameters of our export goods remain the same, most likely, some further strengthening is possible,” said Mr. Gref (quoted from TASS).

He added that the decision on the mandatory sale of proceeds has already “slightly strengthened” the ruble exchange rate. However, according to the head of Sberbank, it is “unlikely to affect the situation” fundamentally, since the exchange rate is determined by market factors. German Gref also said that the normal exchange rate today is 85–90 rubles. for a dollar.

Commenting on the authorities’ decision to sell foreign currency earnings, Mr. Gref believed that it would not affect the “investment climate.” “In general, the market remains open. You can sell and buy currency, I hope this will not cause any big difficulties,” he added.

During trading on the Moscow Exchange on October 12, the dollar exchange rate at the beginning of trading got down below 97 rub. As of 15:01, the US currency was worth 97.1 rubles. Two days ago, on October 10, its cost exceeded 100 rubles. The ruble to euro exchange rate has also strengthened over the past few days from 105.4 rubles. per euro on Monday to 103.1 rubles. for euros on Thursday.

The day before, Russian President Vladimir Putin signed a decree introducing mandatory repatriation and sale of proceeds for a period of six months for certain companies. This measure, as reported by the government, will create conditions “to increase the transparency and predictability of the foreign exchange market.”

More details in the text “Kommersant” “Meeting the Currency Commissioners”.

Petr Buzlaev