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Russia Finance Ministry: currency crisis over


12-26-2014 16:18 BJT

The top economic headline that we are following at this hour. Russia’s finance ministry says the country’s currency crisis is over. Russian officials say, the rouble has stabilized and has begun to appreciate. 

Finance Minister Anton Siluanov says if stability persists, the Russian Central Bank is ready to lower its key benchmark rate. 

The currency plunged to all-time lows last week as oil prices plunged to record lows and western sanctions continue to bite. The rouble though, has since rebounded sharply after authorities took steps to halt its slide and bring down inflation by raising its benchmark rate to 17-percent. 

The finance ministry also says the budget deficit next year would be "significantly more" than the originally forecast of 0.6 percent of GDP. 

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