If the rouble falls further (and it slipped 10% last week), the comparison will be with Ireland.
So pressure on the rouble to remain strong still exists thanks mainly to high oil prices.
FORBES: With Real Interest Rates at Zero, Russia Will Hike Soon
He also said that there is no intention to expand rouble-priced eurobonds this year.
Deputy Governor Ulyukayev announced that the CBR considers rouble strengthening as a tool against inflation.
The country was slow to raise interest rates when investors began fleeing the rouble.
By August 27th, the rouble had fallen by half since its devaluation ten days earlier.
Predictably, the rouble has dipped, by nearly 7% against the dollar, in the past month.
All of this has led to more fears that Russia's currency, the rouble, will collapse.
Most of Russia's exports are dollar-denominated commodities, which will not benefit from a cheaper rouble.
Foreign investors have been pulling out of Russian markets mainly because they fear for the rouble.
This simply drove the value of the Belarussian rouble still further down in Moscow.
The rouble's exchange rate yo-yos, falling by a third one day, rising by a quarter the next.
Sergei Dubinin, the central bank governor, whose mishandling of interest rates has helped drive the rouble down?
The bank is more than usually anxious to avert a collapse of the rouble for two reasons.
Fear grew that the Russian central bank might be forced to allow a devaluation of the rouble.
Mr Gerashchenko's main success was to keep the rouble stable against the dollar, in nominal terms (see chart).
Mr Primakov has been helped by a mild, if perhaps temporary, economic recovery, spurred by the rouble's devaluation.
The company also suffered from the rouble's devaluation, because it kept its cash in Russian government securities, which defaulted.
It set local governments against the federal government, which demanded use of the rouble for payment of federal taxes.
Mr Soros said the Russians should then set up a currency board, fixing the rouble to some Western currency.
Third, the temporary stability in public finances and the rouble may prove illusory.
In recent months the rouble debt market has offered huge returns for huge risks, a game strictly for consenting adults.
They also agreed to drop the rouble as the internal trading currency as soon as the republics introduced separate currencies.
In a desperate measure to strengthen the rouble, the central bank tripled its refinancing rate to 150% on May 27th.
Meanwhile, the Russian rouble weakened as a sharp midday sell-off on the Moscow bourse prompted foreign investors to repatriate their cash.
On the other hand, positive August data did not seem to change the extremely bearish mood in the rouble forex market.
However, the Kremlin has been spending heavily to prop up the rouble, bail out banks and plug holes in its budget.
But Mr Lukashenka could do little about the exchange rate in Moscow, where also the Belarussian rouble is bought and sold.
As the Soviet economy opened up, prices soared and the rouble collapsed against the dollar - and their high wages became meaningless.
Right now, only investors with accounts in Russia can buy rouble-denominated bonds.
应用推荐