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Devaluation a Good Step Toward Ruble Float
05 December 2008
By Yevgeny Gavrilenkov
The Central Bank announced that it was widening the band in which the ruble may fluctuate against the dollar/euro basket exchange rate by around 30 kopeks, its second such decision in recent weeks. Unsurprisingly, in an environment of capital outflow and as the current account is moving into negative territory, this "widening" can only mean one thing: a move toward depreciation.
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