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Dollar tightens grip in region as ruble collapses

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A saleswoman counts coins at the Green Bazaar in Almaty, Kazakhstan. Locals have lost confidence in the tenge.   © Reuters

ALMATY, Kazakhstan -- A combination of falling oil prices and the collapse of the Russian ruble has triggered a crisis of confidence in Central Asian currencies. Throughout the region, central banks have grown increasingly inept at reining in mounting concerns, and locals are rushing to convert their savings into dollars, further weaking the domestic currencies and turning their fear into a self-fulfilling prophecy.


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