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Current ruble weakening not critical for Sberbank, sensitive for Russia’s banking sector

January 12, 15:58 UTC+3 MOSCOW
"The question is how much additional loan provisions banks will have to create," Sberbank CEO German Gref says
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© EPA/MAXIM SHIPENKOV

MOSCOW, January 12. /TASS/. The current weakening of the Russian national currency is not critical for Sberbank though it’s sensitive for the country’s banking system, Chief Executive Officer of Russia’s top lender Sberbank Herman Gref said on Tuesday.

"The question is how much additional loan provisions banks will have to create," Gref said, adding that the ruble’s devaluation is directly related to capital adequacy as banks have to create additional currency credit provisions. "At the moment [the situation] is not critical while further on everything will depend on how great the plunge is," he said.

According to Gref, devaluation of the Russian currency is still not as sensitive for the economy as its pegged exchange.

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