Charting the rise of the ruble

MARKET VOICE

The ruble (RUB) recently became a fully convertible currency, with the government of the Russian Federation lifting all major currency controls in mid-2006. This move marked an important milestone in the liberalisation of the ruble, which ultimately is expected to lead to the free float of the currency across global financial markets. However, such a scenario, while a reachable goal, is likely to take a number of years to achieve.

In our analysis, there are two important points to consider when

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