Crimea establishes its own central bank

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The Ukrainian province of Crimea, which yesterday voted to declare independence and subsequently join the Russian Federation, today decided to set up its own central bank and adopt the Russian ruble as its official currency.

The newly minted ‘republic' will continue to use the Ukrainian hryvnia alongside the ruble until January 2016, according to a statement by the Crimean government.

The central bank will be independent within the powers granted it by the Crimean constitution, according to a la

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