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Chris Weafer, CEO of Macro Advisory Partners, said the ruble’s “weakness was planned” to “compensate for the drop in the dollar value of oil receipts,” and that “The lower ruble is partly a reflection of the effect of sanctions, but it doesn’t indicate an underlying economic crisis.
” Ulrich Leuchtmann, head of currency strategy at the German Commerzbank AG, said, “The rate hike will hardly convince those who might have a choice to keep their capital inside Russia.”Western media sources expressed similar sentiments; the ruble’s devaluation does not indicate economic collapse, but is not ideal for the Kremlin either.
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