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Eastern Economic Forum

Profiteers put pressure on ruble exchange rate — Sberbank CEO

Head of VTB Andrey Kostin said earlier that the Bank of Russia should try to restrain profiteers

VLADIVOSTOK, September 12. /TASS/. Profiteers are putting pressure on the ruble exchange rate, and measures to combat this are in the works, Head of Sberbank Herman Gref said at the Eastern Economic Forum (EEF).

"In terms of currency control, I've never been a huge fan of it. Any currency control measures are easily evaded. However, it is clear that regulatory actions are needed. Today, a very large over-the-counter foreign exchange market developed outside of our authority, with the ruble loss, and over-the-counter trading. We must carefully consider what may be done about this. We have submitted our ideas, but my experience has shown that administrative procedures are ineffective," he said.

Head of VTB Andrey Kostin said earlier that the Bank of Russia should try to restrain profiteers.

The 8th Eastern Economic Forum (EEF) is held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer; TASS is the EEF’s general information partner.

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Eastern Economic Forum

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