Measures to stabilize the ruble are not yet enough – Kommersant

The measures taken by the authorities to stabilize the ruble exchange rate are not yet enough, but work is already underway on new instruments, said the head of Sberbank German Gref. In his opinion, administrative measures to introduce or restore currency regulation are unlikely to have an effect, since it “will be inconvenient for business” and ineffective.

“What is being done now to stabilize the exchange rate is not enough. Well, the Central Bank and the government understand this well. And therefore they are actively working to understand, firstly, the reasons, and secondly, to find mechanisms for solving this problem,” said the head of Sberbank in an interview with Naila Asker-zade in the Vesti program on the Rossiya-1 TV channel “(quote from TASS).

According to Mr. Gref, outflows in the market are usually dealt with by raising rates, but this is not only about the key rate, which the Central Bank has already raised. “The arbitrage in the foreign exchange market is so high that raising the rate there by 4 or 5 basis points does not solve anything. And the main goal of raising the rate by the Central Bank was, after all, to fight inflation, and not to influence the current exchange rate,” he explained.

German Gref saidthat the current ruble exchange rate is very volatile and does not correspond to the fundamental value of the Russian currency. He advised Russians should not keep their savings in hard currencies, but invest them in Russian stocks. At the beginning of this week, the ruble strengthenedbut today, September 13, the euro again exceeded 100 rubles, the dollar – 95.9 rubles.

Details are in the Kommersant FM article. “The ruble appreciates the support”.

Laura Keffer