Yesterday was a dark day for the Russian economy as the currency collapsed by more than 10% and the Central Bank of Russia (CBR) was forced to hike rates by 6.5% to 17% following a midnight emergency meeting. This has rightly evoked some comparisons with the UK’s Black Wednesday in 1992, not least because the intervention seems to largely have failed. The Rouble continued its spectacular collapse today, though it was tempered somewhat at the time of writing with the CBR seemingly intervening in the market.
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