Gref expects trend of weakening ruble to continue

 Gref expects trend of weakening ruble to continue

"Oil prices are very tightly bound to the Federal Reserve policy. All key trends are related to further reduction. The dollar is most likely to strengthen. The Federal Reserve will tighten its policy," Russia's Sberbank CEO German Gref told the Russia 24 TV news channel.

"It means that dollars will outflow from the biggest derivatives market - the oil market. From the viewpoint of the monetary environment the oil price will fall, pushing the ruble down," Gref said. 

According to him, the current crisis is less painful for entrepreneurs than the crisis of 2009. "To our surprise, this crisis is much less painful than the crisis of 2009. It is beneficial to borrowers. A lot of these 'bubbles' - entrepreneurs snapped in 2008-2009," he believes.

Gref noted that currently there are less fraudulent schemes in the banking sector. "We see that businessmen want to fight to save their companies," he stressed. 

He said that the situation in the banking sector will be difficult, but 2016 will be easier for the banks. "The most difficult year for banking was 2015. If no further extraordinary events happen next year, this year is likely to be generally easier for the banking sector, not for the economy as a whole," TASS cited Sberbank CEO as saying.