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Ruble's effective rate up 3.3% in 1H07 - Central Bank of Russia

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MOSCOW, July 6 (RIA Novosti) - The ruble's real effective rate in relation to world currencies strengthened an estimated 3.3% in the first six months of the year, the Central Bank of Russia (CBR) said Friday.

The ruble strengthened 3.4% against the dollar and 4.0% against the euro in the reporting period.

CBR head Sergei Ignatyev said earlier the ruble would strengthen 3% in 2008, in line with the CBR's projections.

A presidential economics aide said previously that ruble appreciation against the dollar/euro basket would not exceed 5% in 2007, and would contribute to growth in productivity in the Russian economy and to the more efficient use of resources.

A senior World Bank official earlier predicted further economic growth and a stronger national currency for Russia in 2007.

John Litwack, chief economist for the bank's Russia office, said further appreciation of the ruble was likely, and that the average monthly wage could reach $500, up from last year's $395.

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