DERBENT, 17 July – RIA Novosti. German Gref, head of Sberbank, says that strengthening the ruble exchange rate can be contained by foreign exchange interventions or by expanding import opportunities.

With the start of a special military operation in Ukraine at the end of February, the ruble exchange rate began to fall sharply – from the level of 80 rubles per dollar and 90 rubles per euro. The historical maximum of the dollar and euro was already set on March 10: 121.53 rubles for the American currency and 132.42 rubles for the European currency. In early March, the Russian financial authorities began to impose restrictions on the sale and withdrawal of foreign currency, and also compelled exporters to sell 80% of their income. Against this background, the dollar and euro began to actively fall against the ruble: within 10 weeks, the dollar and euro more than doubled in value against the ruble.

The authorities began to think about slowing the growth of the ruble and gradually began to lift the imposed restrictions. After each relaxation, exchange rates rise for a while, but fall again after a few days. On Friday, the dollar fell to 56.5 rubles, the euro – 56.7 rubles.

“The ruble has strengthened for two reasons. Firstly, money transfer abroad has become more complicated due to financial sanctions – money began to accumulate in bank accounts. Secondly, trade sanctions and foreign companies’ own sanctions import limited – this is what he told reporters after the opening ceremony of the fountain complex in Derbent. “It is possible to control the strengthening of the exchange rate either by foreign exchange interventions or by expanding import opportunities,” he said. Support of Sberbank.

“Purchases of stable currencies for NWF accumulation are not currently available, so the Ministry of Finance is exploring the possibility of purchasing the yuan and other soft currencies. Then the exchange rate situation will be corrected by restructuring logistics for trade neutral countries,” added Gref.