Relevant:
- Russia ends gradual devaluation of ruble
- Russia Weakens Ruble Defense After Record Drop in Crude to $39
- Ruble Falls Most in 10 Years This Week After Five Devaluations
- Russia Devaluation Gathers Pace as Central Bank Loosens Control
- Russia Tries Emergency Steps for Second Day to Stem Ruble Plunge - Bloomberg
2008-12-11 — bloomberg.com
Russians are shifting their cash into foreign currencies and buying things they don’t need as the economy stalls and the central bank weakens its defense of the ruble, signaling a larger devaluation may be on the way. The currency has fallen 16 percent against the dollar since August, when Russia’s invasion of neighboring Georgia helped spur investors to pull almost $200 billion out of the country, according to BNP Paribas SA.
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