Ruble should continue strengthening in July, could return to 70-75 rubles/$1 by end of year after import issues resolved - Gref

MOSCOW. June 17 (Interfax) - The ruble/dollar exchange rate should continue to strengthen in July and could return to the range of 70-75 rubles/$1 by the end of the year after the issues with imports have been resolved, Sberbank CEO Herman Gref said during an interview with the Rossiya 24 TV channel at the St. Petersburg International Economic Forum (SPIEF) 2022.

"In our opinion, we should still see the ruble strengthening in July, and then businesses will most likely resolve the issues with import logistics. If the pace of recovery in imports is as we imagine it, then the exchange rate should be 70-75 rubles/$1 by the end of the year," Gref said in the interview.

"This would be good for both businesses and the budget," Gref added.

Sberbank's CEO noted that today's ruble exchange rate is entirely market-based, and that the Central Bank of Russia (CBR) does not have the possibility of intervening in the formation of the exchange rate following the blocking of reserves.

"It is very often said that the Central Bank regulates the ruble exchange rate, though these are individuals that do not understand the essence of macroeconomic processes. The current exchange rate is the equilibrium one," Gref said.