Herman Gref, the head of Sberbank, predicted a gradual decline in the Russian ruble’s exchange rate by the end of this year, noting that this development would reduce risks faced by exporters and the general budget.

This was stated during a press conference held by Gref with journalists on the sidelines of the Eastern Economic Forum, where he said: “If interest rates are lowered, I believe a gradual decline in the exchange rate will occur… According to all our estimates, the currency is expected to weaken until the end of the year, which will limit the risks for exporters and the budget.”

The director of Russia’s largest bank added that the easing of the central bank’s monetary policy may also begin to impact the ruble’s depreciation.

The Russian Central Bank is scheduled to hold a meeting on September 12 to discuss monetary policy, amid expectations that the regulator will cut the interest rate by 2%, from 18% to 16% annually.

The tenth edition of the Eastern Economic Forum kicked off yesterday in Vladivostok in Russia’s Far East, with wide international and local participation.

The event’s activities continue until September 6, held at the Far Eastern Federal University campus, with this year’s theme: “Far East… Cooperation for Peace and Prosperity.”