FINANCIAL TIMES: The Central Bank of Russia announced an effective free float of the rouble on Wednesday, a step which triggered a fresh plunge in the currency but is intended to eventually stabilise it.
Hammered by falling oil prices and western sanctions, the rouble has lost more than a quarter of its value against the dollar since the start of the year. Central bank interventions to slow its fall – totalling $29bn in October alone – have been draining Russia’s foreign exchange reserves.
The rouble’s slide has accelerated in recent weeks, partly because the central bank’s policy of automatic intervention was an easy target for speculators making one-way bets… (more)
