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Private Banking and Wealth Management Survey 2010:
Country risk 2010:

Country risk 2010:

Bi-annual Country risk survey monitoring political and economic stability of 186 countries

Wednesday, December 17, 2008

Russia must devalue the rouble

Drip, drip, drip. The Russian authorities’ decision to keep allowing the value of the rouble to fall against a US dollar-euro basket through a series of mini-devaluations shows no signs of stopping.




On December 15, the central bank undertook a seventh such adjustment since mid-November after devaluing the currency by 1% against a basket that’s 55% US dollars and 45% euros. The move takes the cumulative rouble devaluation since mid-2008 to 11%. Spooked by the ferocity with which Russia has become engulfed in the financial crisis, Moscow is hoping that its measures will bring a period of calm, especially to the foreign exchange market. The rouble has come under severe pressure in recent months,...


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