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Russia Has Found the Answer, and It’s 62 (Rubles Versus Dollar)

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A 375 billion-ruble ($6.6 billion) bet on curing Russia’s addiction to foreign goods hinges on the exchange rate being just right.

A one-size-fits-all approach may not exist, but Industry Minister Denis Manturov says a level “optimal” for every part of the economy engaged in “import substitution” puts the ruble at 62 against the dollar, about 8 percent weaker than where the Russian currency is currently trading. Appreciation to 53-55 could already result in “stagnation” for some of the projects, he said in an interview in St. Petersburg.