Russia 'not in a position' to fight strong ruble

The central bank of Russia is "not in a position" to combat the strengthening of the ruble because it may stoke inflation, said Oleg Vyugin, a former first deputy chairman of the Central Bank and now head of the Federal Service for Financial Markets.

"The strengthening of the ruble is a result of high oil prices and the surplus in the balance of payments," said Vyugin in an interview. The "bank is not in a position to fight such fundamental economic tendencies."

In April 2004, the Central Bank

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