VTB CEO Andrei Kostin believes that the dollar will stabilize around 100 rubles after a period of volatility caused by US sanctions against Gazprombank and other credit institutions. This was stated by the banker in an interview with Reuters.
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“In 2022, if you remember, the dollar reached 120 rubles. Now there is a correction, the dollar is just above 100 and I think it will stay at this level,” Kostin said.
He noted that before the introduction of Western sanctions, half of VTB’s balance was in dollars, so changes in the exchange rate had a significant impact on the credit institution. Now VTB “doesn’t care,” added the banker.
According to Reuters, the Russian currency weakened by 15% against the dollar after the US Treasury imposed sanctions against 52 banks on November 21, including Gazprombank, BKS Bank and state-owned corporation Dom.RF. In total, about 100 companies and individuals are on the US department’s list.
At the high of November 27, in the Forex currency market, the dollar rose above 114 rubles, and the euro – above 120 rubles. On the same day, the Bank of Russia announced that it would not buy foreign currency in the domestic market until the end of 2024 to “reduce volatility.”
The ruble reacted by correcting the regulator’s decision. On Monday, December 2, at 2:00 p.m. Moscow time, the dollar on Forex was worth 106 rubles, and the euro was 111 rubles. On November 30, the Central Bank set the official dollar exchange rate for the period from November 30 to December 2 at 107.7409 rubles, the euro exchange rate was 114.3149 rubles.
Author:
Bogdan Muzychenko
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
