Sberbank CEO Reveals Golden Ruble Rate to Boost Russia
The ruble has lost almost half its value against the dollar in the past two years and touched a record 85.999 to the dollar in January as oil dropped. Sberbank Chief Executive Officer Herman Gref believes at 70 rubles to the greenback, the currency is too weak, while a rate of 60 would be a good compromise that would allow industry to modernize and keep exporters profitable. “If the currency was more or less about 60, it would be more convenient for companies, for the state budget, for all the players in the Russian market,” he told Bloomberg's Ryan Chilcote in an interview on Tuesday.
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22:05 - Stephen Innes, Asia-Pacific senior currency trader and analyst at Oanda, discusses Abe's proposed stimulus package, what it means for the Bank of Japan and its impact on the yen. He speaks to Bloomberg's Rishaad Salamat on "Trending Business." (Source: Bloomberg)