German Gref, who leads Sberbank, advised Russians not to keep their savings in foreign currency. He shared this guidance during an interview with Naila Asker-zadeh on the Russia 1 television channel. Gref emphasized that blanket advice is rarely appropriate, but he argued that holding savings in hard currencies does not yield returns at present. He pointed out that the market offers hedging tools and exposes investors to currency risk, suggesting that careful management of exposure is essential.
According to Gref, there are ruble-denominated bonds available in the market, and he described this as a timely moment to step away from the dollar and the euro. Nevertheless, his recommendation favored investing in equities rather than foreign currency holdings when seeking potential growth. The remarks reflect a perspective that, in the current climate, the ruble-centered investment path may offer more favorable opportunities than relying on stable foreign currencies.
Gref also commented on the broader exchange rate framework, noting that a reduction of the dollar exchange rate to the 80–85 ruble range could be a fair outcome. He described this scenario as a reasonable adjustment within the economic landscape, rather than an abrupt market disruption.
In another development, it was reported that the share of currencies from unfriendly states in Sberbank’s corporate loan portfolio had decreased to around 14 percent at the start of September. This shift underscores the bank’s evolving risk posture and its approach to currency exposure in lending. The commentary from Sberbank’s leadership highlights ongoing considerations about how currency movements intersect with lending practices and investor confidence.
Earlier remarks from a government official urged restraint and cautioned against over-optimism, signaling a balanced stance as the economic situation evolves. These statements collectively illuminate how major financial institutions in the country are navigating currency dynamics, hedging strategies, and the quest for portfolio resilience amid fluctuating exchange rates. In this context, stakeholders across the market are watching currency trends, bond markets, and equity opportunities for potential gains while managing associated risks across both domestic and international channels. [citation: Russian business press]