The Parallax Brief


Unrepentant Subjectivity on Economics, Politics, Defence, Foreign Policy, and Russia

Managed Ruble Devaluation Officially Over

Two days after the Parallax Brief predicted that the devaluation of the ruble was approaching its endgame, the Central Bank of Russia has distributed a statement to reporters that the process is ‘finished’.

From Bloomberg:

“‘Bank Rossii has finished with the major gradual correction of the borders of the technical corridor that determines the permissible fluctuations of the value of the dual-currency basket,”.

The weakest level the ruble will be allowed to fall to against the dollar is 36 per dollar and the bank won’t change the size of the trading corridor in the coming months, Chairman Sergey Ignatiev said in a separate statement.”

The ruble is managed against a bi-currency basket of 55% dollars and 45% euros. The lower boundary for the ruble against the basket will be set at 41, according to the statement.

According to Bloomberg, by 1:03 pm Moscow time today (January 22) the ruble had reached 32.7852 per dollar, 42.7814 per euro, and 37.3102 against the basket.

Filed under: Economics, Uncategorized, , , , , , , ,

2 Responses

  1. […] Carbo Well, chaps, you read it at the Parallax Brief first. I hate to say I told you so, but… Managed Ruble Devaluation Officially Over The Parallax Brief You have it wrong. What ends is the management of ruble devaluation. Till now the Central Bank […]

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