12 Sep 2023 14:06

Ruble rate does not correspond to fundamental levels, imperative to look for reasons and take measures - Gref

VLADIVOSTOK. Sept 12 (Interfax) - The ruble exchange rate does not correspond to fundamental levels, and the reasons for this must be found and the necessary measures taken, Sberbank CEO Herman Gref said.

"We are doing well today with the balance of payments, and yet the exchange rate is very volatile and is at levels that clearly do not correspond to the fundamental value of the ruble," Gref told reporters on the sidelines of the Eastern Economic Forum (EEF).

"Of course, we need to look at the reasons in detail and take measures," he said.

Gref said that he has never been a big supporter of currency regulation. "Today the world is so technologically advanced that any currency control measures are easily bypassed," the Sberbank chief said.

At the same time, he agreed that currency regulation measures are necessary.

Earlier, VTB CEO Andrei Kostin suggested introducing limits on the transfer of funds in rubles abroad as one of the measures to reduce volatility in the foreign exchange market. In his opinion, the threshold can be set at a level equal to FX withdrawal limits - $1 million (about 100 million rubles).

"What Andrei Leonidovich [Kostin] said regarding capital leakage through ruble assets, which has never happened before, he is absolutely right," Gref said.

"We need to look carefully at what can and should be done about it. We have submitted our proposals in this regard," the Sberbank head added.

In his opinion, one measure is not sufficient to solve this problem, and a series of actions is needed.