Ruble Plunges 26% in 90 Days, 6% in Two Days, Hits New Low, Government Says to Heck with It
Thursday, January 21, 2016 8:20
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by Wolf Richter
Wolf Street
Where’s the shock and awe?
The ruble plunged 3.8% on Wednesday and another 2.8 on Thursday to a new all-time low of 83.85 to the dollar, at 5:30 PM Moscow time, blowing through the previous catastrophic panic low of December 2014. At the time, the Ministry of Finance and the Central Bank deployed desperate, and ultimately very costly shock-and-awe measures to stop the ruble from spiraling out of control. And it triggered all kinds of drama.
On December 16, 2014, the Central Bank announced that it increased its benchmark rate by a brutal 6.5 percentage points to a dizzying 17%, after having already jacked up rates in the prior week to 10.5%.
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Source: http://financialsurvivalnetwork.com/2016/01/ruble-plunges-26-in-90-days-6-in-two-days-hits-new-low-government-says-to-heck-with-it/?utm_source=rss&utm_medium=rss&utm_campaign=ruble-plunges-26-in-90-days-6-in-two-days-hits-new-low-government-says-
