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Sber expects stable ruble until year-end, CEO says

Herman Gref also underlined that the over-the-counter market has stabilized

MOSCOW, November 7. /TASS/. The fundamental rate of the Russian currency against the dollar stands at 85-90 rubles per dollar and Sber does not expect strong deviations from this range, CEO Herman Gref told reporters.

"We believe the fundamental ruble rate is within 85-90 [rubles per dollar - TASS]; the ruble should be somewhere in the area of these figures," Gref said. "It is always extremely difficult to predict the market rate but we believe it is within its fair value now," the chief executive said. Sberbank predicts the ruble situation to stay stable until the end of the year, he added.

The over-the-counter (OTC) market has stabilized, the Sber CEO said. "I do not think the situation is artificial. More likely, the reverse situation was artificial, when actually the alternative OTC currency market was created, moved abroad, and the ruble conversion into the dollar actually took place overseas. I believe there is the potential of returning these turnovers to the Russian market ," he noted, adding that he expects a stable overall situation until the year-end.