BLOOMBERG: An attempted interest-rate increase fell short as the Russian currency dropped as much as 19 percent.
BLOOMBERG: An attempted interest-rate increase fell short as the Russian currency dropped as much as 19 percent.
The ruble sank beyond 80 per dollar, a record low, before rebounding to 68 after Economy Minister Alexei Ulyukayev denied speculation that the government would turn to currency restrictions next to stop Russians from converting their money into dollars. Bonds and stocks also tumbled, with the RTS equity gauge dropping the most in six years.
“I am speechless,” Jean-David Haddad, an emerging-market strategist at OTCex Group in Paris, said in a message. “What a failure for the central bank. Russia would need to announce capital controls today. That is the last solution.”
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