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Economic Crisis in Russia (CRS Report for Congress)

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Release Date Dec. 17, 2014
Report Number IN10200
Report Type Insight
Authors Nelson, Rebecca M.
Source Agency Congressional Research Service
Summary:

On December 15, investors started a massive sell-off of Russia's currency, the ruble. This accelerated depreciation of the ruble, which had been ongoing for several months. In order to stem its further depreciation, the Bank of Russia (Russia's central bank) announced its biggest interest rate hike since 1998, raising a key interest rate from 10.5% to 17%, at an emergency meeting on December 16. Despite this measure, the ruble sharply depreciated throughout the day, falling from 58 rubles per dollar to 80, before rising again to 70. The central bank is currently intervening in foreign exchange markets (meaning it is selling foreign currencies and purchasing rubles) to support the value of the ruble.

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