German Gref doubted the effectiveness of the measure of mandatory sale of foreign exchange earnings in stabilizing the ruble exchange rate. The requirement for exporters to sell part of the currency on the domestic market, according to a decree signed by the president, “is unlikely to affect the situation,” believes the head of Sberbank.
The requirement for some exporters to sell part of their foreign exchange earnings on the domestic market is unlikely to affect the current situation of the ruble exchange rate. This opinion was expressed by the head of Sberbank, German Gref, as reported by TASS.
“Will this affect the course? This has already had an impact, the exchange rate has strengthened a little, but fundamentally I think this is unlikely to affect the situation, because fundamentally the exchange rate is determined by market factors,” Gref said.
According to Gref, the requirement for exporters will accelerate the return to the fundamental exchange rate of the ruble. According to the director of Sberbank, this exchange rate is 85 to 90 rubles per US dollar.
The Bank of Russia, for its part, admitted that the sale of foreign currency by exporters could have a positive impact on the short-term volatility of the Russian currency and improve the liquidity situation.
Vladimir Putin signed a decree on Wednesday, October 11, that forces certain exporters to sell part of their earnings in foreign currency. On Thursday, the exchange rate of the US dollar on the Moscow Stock Exchange fell by 3.5 rubles and fell below 97 rubles. The euro exchange rate decreased by 3.9 rubles to 102.5 rubles.
Author:
Kirill Bilyk
Source: RB
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