The head of Sberbank gave a forecast for the ruble exchange rate

On Thursday, the ruble experienced a notable increase in value following President Putin's decree regarding the sale of export proceeds.

Gref forecasted the consequences of Putin's decree on the ruble exchange rate.

The requirement for the mandatory sale of foreign currency earnings was supported by the Central Bank.

Elvira Nabiullina stated that the sale of foreign currency earnings will have no impact on small businesses.

On Thursday, the ruble experienced a significant increase in value following President Putin's decree requiring certain exporters to sell their export proceeds. This caused the dollar exchange rate to drop by 2.77 rubles, bringing it to 97.43 rubles.

German Gref, head of Sberbank, has stated that the decision to require exporters to sell their foreign currency earnings could lead to a gradual decrease in the dollar to 90 rubles, which could speed up the return of the ruble to its fundamental rate, as reported by Prime.

Gref suggested that if the parameters of our export goods remain the same, the normal fundamental exchange rate between the dollar and the ruble today would be 85-90 rubles per dollar.

The government's aim in introducing the new measures was to make the foreign exchange market more transparent and predictable, to reduce the chances of currency speculation, and to stabilize the exchange rate.

The Bank of Russia commented on new measures to support the ruble, stating that the return of the mandatory sale of foreign currency earnings in Russia will improve the liquidity situation and reduce short-term volatility in the market. Additionally, the targeted nature of the restrictions will preserve the developed schemes for foreign trade settlements.

Elvira Nabiullina, the head of the Central Bank, previously opposed the use of administrative measures to regulate capital flows.

Alexander Isakov, a Bloomberg Economics Russia economist, told RBC that while the decision to require some exporters to sell their foreign currency earnings may cause the dollar exchange rate to temporarily rise to the range of 95–100, this effect is unlikely to be stable and long-lasting.