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One Country, Three Currencies


The Dollar Gives Way to Euro Cash, says Pravda.

"Russian people will probably favor their national currency in two or three years. The default of 1998 still has a big impression on the majority of Russians. A lot of them realize that it is oil, which makes for the strength of the ruble. The popularity of ruble tools, ruble bank deposits, first and foremost, will definitely be growing. The dollar and euro rate will most likely be stabilized, because Europe is not interested in the expensive euro: it decreases the competitive ability of the European economy. Russia will probably become a three-currency space (dollar, euro and ruble), and people will be psychologically oriented at the strongest one of them."

Sean Corrigan is the author of 'Money, Macro & Markets' newsletter & Consultant to Hinde Capital.

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