In a report published in its official bulletin, the bank noted that the ruble's rise against the dollar last spring, followed by stabilization in the summer, has made many of Russia's main exports uncompetitive.
Rising domestic costs combined with stagnant world-market prices on oil and metals worsen the problem, it said, noting that even 30 to 50 percent cuts in key tariffs announced last month would not give exporters much of a breather.
Without a slide in the ruble, the report stated, exports are likely to fall.
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