Gref called too low the current exchange rate of the ruble

According to the head of Sberbank German Gref, the ruble exchange rate at which the dollar is worth 70 rubles, is “too low”, reports Bloomberg referring to the statement of the Gref.

“If the exchange rate was at around 60 rubles/$,
it would be a more comfortable level for all companies
budget, all players on the Russian market,” Gref said.

According to him, a strong currency is good for Russian exports, but interferes with the imports needed for modernization. “For Russian exports, the current situation is very good.
But if we talk about modernization, we have to talk about
investments that automatically means we have a lot
equipment purchasing abroad. A stronger currency then us
will help”, — said the head of “Sberbank”.

In addition, in an interview with Bloomberg German Gref criticized the methods of the Bank of Russia, which discourages the involvement of Russian banks in the currency of the funds. He called them “administrative means to encourage investment activity” companies, which “is unlikely to yield any results,” the Agency said.

“I am against any podstegivaniia: we have all these stories with decrease rates, with pouring cheap liquidity do not work. The problem is that there are not enough investment projects that can be funded,” said Gref.