Gref: requirement for mandatory sale of FX revenue by exporters to accelerate return of ruble exchange rate to fundamental values

MOSCOW. Oct 12 (Interfax) - The requirement for the mandatory sale of foreign currency earnings by major exporters will accelerate the return of the ruble exchange rate to its fundamental level, but other factors have a baseline impact on the currency market, Sberbank President and Chairman of the Management Board Herman Gref told reporters on the sidelines of Russian Energy Week.

"Will it affect the exchange rate? It has already affected it, the exchange rate has strengthened somewhat, but fundamentally, I think it is unlikely to affect the situation, because fundamentally, of course, market exchange rate policy is determined by supply and demand factors. To some extent, it will increase our balance of payments surplus, which will somehow accelerate the return of the fundamental exchange rate," Gref said.

According to Sberbank estimates, the current deviation of the exchange rate from fundamental level is in the range of 10 to 15 rubles. "In general, we expect stabilization of the rate gradually and the decline in the dollar at this stage, as it seems to us, to near 90 rubles/$1," the head of the lender said.

"In the future, if the price parameters of our export goods remain the same, some more strengthening is possible," he added.

Sberbank now estimates the fundamental level of the exchange rate at 85-90 rubles per dollar.

Gref believes that the return to the mandatory sale of foreign currency earnings will not affect the investment climate. "I don't think so, because in general the market remains open. You can sell foreign currency, you can buy foreign currency, and I hope it will not cause any big difficulties," he said.