MOSCOW, 22 Oct. The time Bank of Russia let the ruble float freely, this helped to avoid serious problems in the economy, said the head of Sberbank German Gref, speaking at the investor of the savings Bank in London.
“If the Central Bank has repeated its error of 2008, when he kept the ruble, we would have received a good situation in the banking sector, but we would have killed the entire commercial sector. We must pay tribute to the Chairman of the Central Bank, which has found the courage through a year and a half after I started this post order accelerated move to a floating exchange rate”, — said Gref.
According to him, in that case, if the Central Bank switched to a floating rate later than 1 January 2015, “the situation would have been fundamentally different”. “We see this example in the country — our partner, a very important country, Kazakhstan, when they delayed the devaluation, and what devastating consequences it has today,” — said the head of Sberbank.
He noted that as a result of the weakening of the ruble, the price of labor in Russia was lower than in China. “We saw that in the crisis our companies are behaving differently than in the last crisis, when profitability fell sharply. If we exclude the banking sector, the vast majority of the remaining sectors show growth in profitability. Of course, this is due to smart monetary policy of the Central Bank of the Russian Federation”, — he added.
Gref also pointed out that the correct monetary policy managed to reach the beginning of the weak growth of industrial production in Russia in September.