An unspecified (and impossible to compute accurately) number of trades take place at exchange rates that do not reflect the relative bargaining of buyer and seller but, instead, are determined by other social and gaming factors.

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But while ruble volatility might or might not be a problem, I will very freely admit that I lack the economic chops to analyze the impact of exchange rate liberalization on the Russian economy, it seems almost impossible to argue that the ruble is excessively strong.

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