Russia's Defense of the Ruble Cuts Reserves by $15.7 Billion in Week - Bloomberg

Russia's Defense of the Ruble Cuts Reserves by $15.7 Billion in Week - Bloomberg:



"Russia’s international reserves plunged the most in six years, losing $15.7 billion last week as the government and central bank pledged measures to support banks and defend the currency.



The value of the stockpile, which includes the central bank’s reserves and two sovereign wealth funds, fell to $398.9 billion in the week through Dec. 19, the Bank of Russia said today on its website. That is 22 percent drop from January. 




Policy makers, led by central bank Governor Elvira Nabiullina, are fighting to stem the ruble’s worst slump since the 1998 default. With oil prices and sanctions over the Ukraine conflict pushing Russia toward recession, the authorities have raised rates and sought to ease dollar demand. The steps have helped stem the currency rout, after the ruble collapsed to a record low 80 against the dollar last week."



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