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| Putin’s plan to curb rouble appreciation backfires |
THE KREMLIN was taught a painful lesson in economics this year after it meddled with exchange rates and nearly brought the Russian economy to a halt. A judo black belt, president Vladimir Putin pitted himself against the invisible hand of market forces and lost. Putin ordered the Central Bank of Russia (CBR) to weaken the rouble against the dollar to give domestic manufacturing some breathing space in its battle against rapidly increasing imports.
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