Rubles Pile Up for Exporters After Russia Asks for Currency Help
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Russian exporters are piling up rubles after President Vladimir Putin’s government asked their help in supporting the currency last year.
OAO GMK Norilsk Nickel, Russia’s largest miner, and steelmaker PAO Severstal are among exporters converting more of their dollars and euros into local currency, according to company filings and people with knowledge of the situation. It’s a policy encouraged by the government to help stabilize the ruble after its 47 percent plunge last year.