Ruble For Sale
Sober Look | Oct 14, 2014 01:47AM ET
Currencies of most emerging economies rallied against the dollar yesterday, as expectations for the first rate hike in the US shift out to a year from now. There was one major exception - the Russian ruble.
Russia is facing stagflation while the central bank remains helpless. A number of relatively well-off Russian citizens - some after getting Bloomberg , "Russia’s central bank intervened in the past 10 days to stabilize the currency, central bank Governor Elvira Nabiullina told lawmakers in Moscow today." In spite of spending some $6bn in FX reserves, it failed. The ruble hit a record low against the euro over the past few days as capital outflows continue.
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