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Central Bank Halts Forex Repo

Russia's Central Bank halted its one-year foreign exchange repo because current market conditions do not require it, the bank's First Deputy Governor Ksenia Yudaeyva said on Tuesday.

The Central Bank stopped the one-year repo as of June 1.

Yudaeyva said that if a need arises, the Central Bank will bring back the tool. Russia's ruble has strengthened to around 30 percent to the U.S. dollar after falling by nearly half last year amid weak oil prices and Western sanctions over the Ukraine crisis.

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