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Bank of Russia posts real effective ruble rise for 2007

January 11, 2008 | RBC

The real effective ruble exchange rate strengthened 5.3 percent in 2007, the Central Bank of Russia indicated in its documents. The ruble gained 14.8 percent against the US dollar, and 5.7 percent against the euro. The nominal ruble rate dropped 1 percent against foreign currencies.

Earlier, Central Bank Chairman Sergei Ignatyev said that the bank expected the real effective ruble rate to increase by no more than 4-5 percent in 2007. In 2006, the real effective ruble rate rose 7.6 percent against foreign currencies.

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