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Ruble expected to stabilize by year-end, says Sberbank's Gref

EditorHari G
Published 11/07/2023, 08:32 AM
© Reuters.

Sberbank's leader, Herman Gref, has projected a stable ruble exchange rate at 85-90 rubles/$1 by the end of 2023. The forecast aligns with the sentiment expressed by other economic leaders, including a note on ruble steadiness due to implemented stability measures.

Gref attributes the anticipated steadiness to a presidential decree that requires large exporters to sell their foreign exchange earnings in Russia. This measure is designed specifically for currency revenue stabilization. The decree's implementation has resulted in an increase in the market supply of rubles, contributing to the predicted stability.

In addition, Gref has criticized the prevalent use of offshore alternative OTC markets for most ruble-to-dollar conversions. He has suggested that such trading should be shifted back to Russia to further support the ruble's stability.

Tax payments were also highlighted by Gref as a significant factor in boosting demand and strengthening the ruble. The combination of these factors, according to Gref, will contribute towards achieving a minor strengthening of the ruble and maintaining its stability through the end of this year.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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