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Prices for Cars, Consumer Electronics May Jump Due to Rouble Devaluation
30.01.2014 23:23
Prices for Cars, Consumer Electronics May Jump Due to Rouble Devaluation
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Cars, consumer electronics and liquor could be among the most hit categories in the wake of the rouble devaluation.

      A large share of cars sold on the Russian market are foreign makes. Despite the fact that many car manufacturers built their own assembly facilities in Russia, many of the components still have to be imported.

      The level of localization is still low, with Volkswagen boasting the highest rate - 50 percent.

      According to, an online news agency, some dealerships are waiting for new price lists while others. Have already adjusted their price tags to the changing realities.

      The Central Bank announced it will not control the rouble any longer which could have detrimental consequences for ordinary people.

      The national currency didn’t win the trust of the Russians even after the Central Bank picked a symbol for it in late 2013.

      As Russia-IC reported earlier, the push for a branded image has been part of the attempt by the Russian authorities to entice foreign capital and turn Moscow into a global financial center.

      At the meeting of the board of directors on December 11, the Bank of Russia approved the letter P with the lower part crossed by a horizontal line as graphic sign that it will be used from now on.

      A coin worth 1 rouble featuring the new symbol is expected to appear in 2014, said senior vice governor of the Central Bank, Georgy Luntovsky.

      The decision was taken after an online poll where the Russians could choose between five graphic images.

Author: Mikhail Vesely

Tags: Russian rouble Russian economy    

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