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76 / BUSINESS, FINANCE & ECONOMICS IN EMERGING ECONOMIES VOL. 2, NO. 1, 2007<br />
(see Figures 3 & 4). This resulted in a sharp increase in the dollarization<br />
ratio during the rst half of 2003, from 42.0 per cent at the end of 2002<br />
to 53.0 per cent at end June 2003.<br />
Figure 3<br />
FX/M2Y, Ination and Real Exchange Rage Volatility
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