Amid talk of ruble devaluation, Sberbank CEO German Gref has appealed to inexperienced investors not to try and rescue their savings by transferring their money from one currency to another.
"There is no reason to suspect that the Central Bank will lower the exchange rate and that the rate will drop sharply. The most important thing is to stop panicking," Gref said, Interfax reported.
"In moments like this, one should not panic and take drastic actions," Gref said.
The Central Bank has huge resources at its disposal to control the exchange rate, and there is no reason to expect a devaluation of the ruble, Gref said.
The exchange rate fell last week from just more than 31.5 rubles to the dollar to a low of 33 rubles to the dollar, before recovering slightly on Friday.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
