A woman walks past a board listing foreign currency rates against the Russian ruble outside an exchange office in central Moscow on December 12, 2014.AFP PHOTO / KIRILL KUDRYAVTSEV
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Russian central bank Governor Elvira Nabiullina is running out of policy options for stabilizing the ruble without inflicting deeper damage to the economy. On one side, she wants to support the currency to slow inflation and keep Russians from abandoning the ruble. Nabiullina increased rates Thursday by 1 percentage point to 10.5 percent, only to see the ruble sink to a record less than a minute later. The rate soared 48 basis points Friday.Nabiullina will hoist borrowing costs to 11 percent next year, he said.
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