Rescue the rouble

- By FX Markets Staff
- @FXMarkets_
- 09 Jun 2008

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Analysis of the Bank of Russia's annual report, released May 16, indicates that a mistake made in 2006 has been repeated in 2007. This error was the purchasing of foreign currency by the Bank of Russia.

Throughout the course of 2007, the Bank of Russia bought foreign currency for its international reserves in the net amount of $142.3 billion. This amounted to an increase in its net purchase amount of $24.7 billion, up 21% on 2006's figure of $117.6 billion.

During this period, inflation in Russia

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