Gref says current ruble exchange rate is too low

Russia's Sberbank CEO German Gref said that the current ruble exchange rate of 70 rubles per dollar is too low.

"If the currency was more or less about 60 per dollar, it would be more convenient for companies, for the state budget, for all the players in the Russian market," Bloomberg cited him as saying.

In addition, Gref criticized practices of the Central Bank, which, in his opinion, discourage Russian banks' attraction of foreign investments. He described them as "administrative means to push investment activities" of companies, which will hardly succeed.