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The central bank has announced that it would now allow the rate of the Russian Ruble to float freely in the market, reducing its regular interventions and tightening supplies of rubles to discourage domestic investors from betting against it. Mr. Putin shrugged off its recent drop as “speculative”. On Monday he told a group of businessmen at a conference in Beijing where he is currently attending Asia Pacific Economic Cooperation Summit “We are seeing some speculative jumps in the rate, but I think this should come to an end in the nearest future in light of the actions taken by the central bank is taking in response to speculators”. The central bank announced said it would eliminate the trading corridor it has been setting for the ruble and the regular interventions when it reached the boundaries. But in the past weeks that has done little to stem the rubles slide and cost the central bank approximately $30 billion in interventions. In its place the central bank said it would intervene only when it sees “threats to financial stability”. The currency currently trades about 45 to the USD and 56 to the Euro. This according to the Wall Street Journal

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Wednesday, 12 Nov, 2014 / 7:41

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