Gref: Central Bank ruble policy ‘optimal’

Russian Central Bank file photo

MOSCOW. Oct 14 (Interfax) – The Central Bank of Russia’s ruble exchange rate policy is “optimal,” Sberbank of Russia (MOEX: SBER) President and CEO German Gref said.

“The policy that the Central Bank is pursuing is, in my view, optimal from the standpoint of managing the exchange rate. The economy is self-tuning, because the processes underway are very complex. Over the course of half a year there were a very large number of factors that altered the previous makeup of the economy. If we do not allow it – and all of us – to restructure with the help of such flexible factors as a floating ruble rate, we will wind up being boxed in,” Gref told journalists on Tuesday.

The ruble exchange rate will adjust itself. “It currently makes no sense to try to influence the ruble rate,” he said. Global factors and the condition of the Russian economy have the most influence on the ruble.

“The geopolitical situation will calm down and the ruble will strengthen. The price of oil will stabilize and the ruble will strengthen,” Gref said, adding that the ruble will also be affected if the contrary scenario takes place.

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