The Role of Herman Gref in Ruble Stability

Herman Gref

A key factor in this expected stability, as pointed out by Herman Gref, is a presidential directive. This directive requires major exporters to sell their foreign exchange earnings within Russia. This measure, aimed specifically at stabilizing currency revenue, has led to an increased supply of rubles in the market. This, in turn, contributes to the ruble’s projected stability.

Herman Gref has also voiced his concerns about the common use of offshore alternative OTC markets for the majority of ruble-to-dollar exchanges. He proposes that these transactions be brought back to Russia, which he believes would further strengthen the ruble’s stability.

Gref also highlights the role of tax payments. He believes they play a significant role in increasing demand and thereby strengthening the ruble. According to Gref, the combination of these factors will lead to a slight strengthening of the ruble and help maintain its stability for the remainder of the year. (Source)