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The undervaluation of the national currency may lead both to the acceleration of economic growth caused by the growth of the price competitive capability of export and the protection of the internal market, as well as to the emergence of losses in course of devaluation that cannot be compensated by the following economy growth. The Russian ruble demonstrates vulnerability to the shocks at the resource markets, and its deep devaluations are provoked by the drastic falls of oil prices. The analysis carried out in th...