Chairman of the Board of VTB Andrei Kostin said that the dollar-ruble exchange rate is unlikely to ever return to 60 rubles. for a dollar. At the same time, he does not consider what is happening with the ruble exchange rate to be a currency shock

Chairman of the Board of VTB Andrey Kostin (Photo: Ekaterina Kuzmina / RBC)

Speaking to reporters in Davos, Kostin said that “he does not expect a significant strengthening of the ruble, although with a rebound in oil prices some upward correction is possible,” RIA Novosti reports. At the same time, Kostin noted that, in his opinion, “at the level of 60 rubles. it [the dollar exchange rate] will never come back.”

“The expectations in general are that the ruble will be quite weak against the backdrop of a strongly strengthening dollar,” he told reporters.

Kostin emphasized that he does not see a currency shock in the current depreciation of the ruble: “There is no currency shock, we do not see unusual behavior of clients,” he added in a conversation with Interfax .

The head of VTB also commented on the current level of the key rate - he believes that the rate of 11% is adequate to the current economic conditions.

Video: RBC Video Channel

During trading on the Moscow Exchange on January 21, the dollar to ruble exchange rate almost reached 86 rubles, reaching 85,999 rubles. As of 12:45, the dollar exchange rate was 85.25 rubles. The euro exchange rate rose to 93.7 rubles. By 12:45 the European currency exchange rate was 92.71 rubles.

On January 20, the president of Rusal, Oleg Deripaska, said that Russia’s economic policy is to “do nothing.” The businessman said that there is “no money in the budget for 2017” and 2016 is “the last year when the state will be able to support the manufacturer.”

The head of VTB called it unlikely that the dollar would return to 60 rubles.