Wednesday, December 17, 2008
Russia must devalue the rouble
Drip, drip, drip. The Russian authorities’ decision to keep allowing the value of the rouble to fall against a US dollar-euro basket through a series of mini-devaluations shows no signs of stopping.
On December 15, the central bank undertook a seventh such adjustment since mid-November after devaluing the currency by 1% against a basket that’s 55% US dollars and 45% euros. The move takes the cumulative rouble devaluation since mid-2008 to 11%. Spooked by the ferocity with which Russia has become engulfed in the financial crisis, Moscow is hoping that its measures will bring a period of calm, especially to the foreign exchange market. The rouble has come under severe pressure in recent months,...
The rest of this article is available to subscribers only
Please Subscribe or take a Free Trial below.
Already a subscriber? Log in here.
Subscribe online today
- Your print copy delivered every month
- Over a decade of archived content
- Daily news and updates
- Personalised email news feeds
- Unlimited online access
- Access to all our survey and award results
Subscribe
Free 48 hour access
- Online access to Euromoney.com
- In-depth analysis and comment of the international capital markets
- The best of our editorial comment by email
- Complimentary digital magazine sample
Start Trial
Questions about your subscription status?
Email us or call: +44 (0) 20 7779 8888
