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Published in Stream:
Russia Update: January 21, 2016
Press by
The Interpreter
@Interpreter_Mag
Russian-to-English translation journal, with original analysis and commentary on Russia's foreign & domestic policy.
Interpreter_Mag
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Elvira Nabiyullina, head of the Central Bank of Russia, has cancelled her trip to the Davos World Economic Forum, where she was to be part of Russia's official delegation, due to the collapse of the ruble, RBC.ru reported.

The cancellation was made just a few hours ago, and was confirmed by a source at the Central Bank, said RBC.ru.

As we reported earlier, "collapse" is not a word that Russian leaders want to use, but it is one that the Russian independent media is using.

Yesterday, Putin joked at a Russian forum on small business that Russian officials couldn't afford to go to Davos and were staying home where they belonged. 

Nabiyullina has said that the current exchange rate of the ruble was "close to the fundamental justified one," RBC.ru reported.

The ruble is currently trading at 83.11, after reaching 85 this morning.

-- Catherine A. Fitzpatrick