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While in the United States our presses are running full throttle printing money, in Russia just the opposite is happening. In a herculean effort to defend the ruble, which has fallen 35% since autumn, Russia raised its one-day repurchase rate to 10% from 9%. The central bank has already engineered six such increases last year.
Russia has spent over $200 billion in recent months supporting its currency at a level of 41 rubles against a basket of 55% dollars and 45% euros. So far this week, the ruble has held steady at these levels. In addition, the central bank has lent rubles short-term for the equivalent sum of $13 billion, thus sharply reducing the supply of rubles.
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