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Finance Ministry Will Deprive Ruble Of Support from Month-end

The Russian ruble will lose its usual support from monthly tax payments after the finance ministry starts buying foreign currencies on the open market to boost liquidity, Russia's deputy finance minister said Thursday.The ruble usually firms towards the end of every month as export-focused companies convert dollar and euro revenues into rubles to meet local tax duties. In the second half of 2013 however, the finance ministry will deprive the ruble of such support as it plans to start converting …
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