Gref: De-dollarization is Necessary and Strategically Correct Step
OREANDA-NEWS The Head of Sberbank German Gref believes that the authorities in discussions about the de-dollarization of the economy should not fuel panic and talk about the possible abolition of the dollar turnover in the country.
According to this information, the dollar currently remains one of the main protective assets of citizens, despite the fact that transactional activity in the US currency in the country has fallen significantly.
"Strictly speaking, people hedge currency risks, and rightly so, - he said. — In no case should anything be prohibited or restricted. Once slightly shook a finger, people immediately pull out the money and hide it under the mattress. As a precaution. To be more intact. Bitter experience is".
The dollar, Gref stressed, will remain a protective asset both in Russia and around the world for a long time. But despite this, de-dollarization is necessary and strategically correct step.
"Today, the dollar is a monopolist in the world, and any monopoly is an evil," said the Head of Sberbank.
He explained that debts not in national currencies were more dangerous because they carried currency risks. Most of the Russian national debt is still in foreign currencies, but the share of the ruble is growing. Therefore, he concluded, de-dollarization is the right decision at the macro level.
"Another thing is that there is no alternative to the dollar today and it will not be for a long time, no matter how hard the other countries try. In my opinion, the situation will not change much in the coming decades. But this does not mean that nothing should be done," — said the head of the Bank.
Speaking about his personal savings, Gref admitted that he keeps them in several currencies: rubles, dollars, euros and Swiss francs. Most of this portfolio is the dollar, and the rest-the ruble and other currencies.The de-dollarization idea has been actively discussed in Russia since last summer. Russia and Iran, which are in the next sanctions list of Washington as allies of Syria, are ready to finally close the door to the dollar. As the Russian Ambassador to Tehran said, the UScurrency will no longer be used in mutual settlements. Only the Ruble and the Rial, in other cases — the Euro. Moscow has already launched the same processes with China, India and Turkey. And the European Union does not want to pay dollars for their own products.