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by hatch_q
1302 days ago
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Ruble is a controlled forex currency. You virtually can't sell rubles and exchange them to EUR or USD at the moment. Russian government imposed very strict regulation into buying foreign currencies and banks imposed heavy taxation (1% per month) for holding foreign currencies, forcing people into exchanging USD into RUB. Volume is down substantially as well. It was a smart thing to do by Russia - it keeps ruble look strong. We'll see how long they can keep it up. Maybe in future we'll even read about it in books how to avoid currency depreciation. |
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