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Cue an afternoon rally for the rouble.
His newspaper argued for the rouble devaluation that brought down the Kiriyenko government.
But a big injection of liquidity almost certainly spells trouble for the rouble, which has remained remarkably stable in the past three months.Could it have ended differently?
Further respite for the rouble was provided when the cost of crude rose by $3 to $63 a barrel following news of lower inventories in the US.
The currency falls again and the cycle has another turn.The proximate cause for the rouble sell-off is the fall in the oil price; Brent crude was below $60 a barrel this morning, WTI below $55.
When Sergei Dubinin, the central bank governor, promised that "there will be no sharp fluctuations in the exchange rate", and when Anatoly Chubais, the finance minister and deputy prime minister, said higher interest rates and a broader band for the rouble would "protect Russia from the negative situation in foreign markets", their comments were appropriate.
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Delays imposed by Russian exchange controls have meant that withdrawals of foreign cash from the government securities market may peak in early December: the Central Bank says it expects $4 billion to leave the market by year-end but that this should be no cause for "panic".The bank is more than usuallyear-end but averthatcollapse of thisrouble for two reashould
Russian President Vladimir Putin has blamed what he called "outside factors" for the falling value of the rouble.
Mr Putin estimated that Western sanctions, put in place after Russia annexed Crimea from Ukraine in March, had accounted for roughly 25-30% of the rouble's troubles.
Nonetheless, Putin has argued that the devaluation of the rouble represents a "stimulus" for the economy, making Russian products more competitive on the world market.
Russian bureaux de change have placed orders for electronic signs with three digits before the decimal point, preparing for rouble-euro exchange rates above 100.The past 15 years of rising oil prices have underwritten Kremlin presumptions of economic stability, even leading to talk of the rouble becoming a reserve currency for other former Soviet republics.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com