Ruble rate is undervalued, fundamental level is 80-85 rubles/$1 - Sberbank's Gref

MOSCOW. Sept 13 (Interfax) - The ruble exchange rate is undervalued, its fair level is 80-85 rubles/$1, said Herman Gref, CEO of Sberbank .

"The ruble's exchange rate is unjustifiably undervalued. We have carried out a detailed analysis of the ruble's fundamental value, we see that the fair exchange rate should be 80-85 rubles. That is, about 10-15 rubles below what it is today," he said in an interview with Nailya Asker-zade on the Rossiya 1 TV news program.

"I think that we will reach roughly these levels it the government takes the appropriate steps and finds a way to resolve this situation," he said.

Gref said he saw the reasons for the ruble's depreciation in high imports to and capital outflow from Russia.

"I would say that two factors are not being taken into account here. The first is a sharp increase in imports, which was very limited last year, and this is one reason behind strong demand for foreign currency. And the second is capital outflow," Gref said.

As for exports, revenue from them has indeed fallen compared to last year, since prices for these goods were high then. "If you look at prices - both for commodities and oil, then in general we are not in a bad position now," he said.