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World Bank lowers Russia's economic forecast

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Russia's central bank says it spent US$4.5 billion last week to prop up the rouble, which has fallen about 40 per cent against the US dollar and 32 per cent against the euro year to date.

Moscow

THE World Bank announced a gloomier economic forecast for Russia on Tuesday as the rouble fell despite the central bank saying it had spent billions last week to prop it up.

Falling oil prices and sanctions over the crisis in Ukraine have taken a heavy toll on Russia's