A cashier takes a 500-rouble banknote from a cash register as she serves a customer at the Vinoteka specialised wine and vodka store in Russia's Siberian city of Krasnoyarsk, February 2, 2015. REUTERS/Ilya Naymushin
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The last time a December oil rout ravaged the ruble, Russia responded with an emergency rate increase.The ruble has slumped more than 11 percent since the last cut, hindering the central bank's ability to aid an economy battling its first recession in six years.The Bank of Russia will hold rates unchanged on Dec. 11, according to 21 of 34 economists surveyed by Bloomberg, while 12 predicted a half-point cut and one forecast a reduction to 10 percent. Forward-rate agreements are signaling 45 basis points of cuts in the next three months, near the smallest move seen in more than a month.India's central bank left its rates unchanged Dec. 1 after four cuts this year to meet inflation targets that are starting to look more vulnerable.
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