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,...
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