- Sberbank CEO Herman Gref said the Russian currency should be trading at 80 to 85 rubles to the US dollar.
- The ruble is now trading around 96.5 to the dollar. The currency has fallen nearly 30% so far this year.
- But on Tuesday, Russian President Putin tried to project an image of economic calm.
The boss of Russia’s largest bank is unconvinced that the ruble is in a comfortable position — even though Russian President Putin has downplayed the currency’s weakness.
“The ruble’s exchange rate is unjustifiably undervalued,” Herman Gref, the CEO of Sberbank, told the state-owned Rossiya 1 TV channel on Tuesday, per Interfax’s translation. He is sometimes referred to as German Gref.
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