World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
Russia Faces Tough Fight on Ruble
Keywords:
Tags:
To give time for the fragile banking system to adjust, and for consumers not to feel the impact of a sharp and sudden devaluation, the government of Russia has used up one third of its reserves shoring up the ruble. Now with currency traders and others testing the limits of the new band in which the ruble is trading, a lower limit of 41 rubles against a basket of euros and dollars is eroding. Last week the rate was at a low of 36 rubles to a dollar. Foreign exchange reserves have dropped from a high of $600 billion to $385 billion. See the link to the sudden erosion of sovereign wealth funds around the world including the Gulf countries. Raising rates aggressively and tightening liquidity too much would hurt the economy, so there is a testing game between currency dealers hoping to profit from the ruble's fall and the Russian government and central bank. Memories of the 1998 collapse of the ruble are still fresh in people's minds, and the government wants to prevent anything like that happening. This has almost become a raison de etre of the Putin government, to prevent the poverty and humiliation after the collapse of the economy during that early post-Soviet period. Most of the money that the government is spending to boost the banking system and the economy is flowing into the currency market instead. Says an economist at Alfa Bank in Moscow, all the rubles out there have been converted into dollars.
Memories of the 1998 collapse of the ruble as Russia uses a third of its foreign exchange reserves in 2009 to support the ruble
02/04/2009
Reserves drop from $600 billion to $385 billion as Russia uses its reserves to support the ruble in 2009. Memories of the poverty and humiliation suffered as the ruble collapsed in 1997 remained uppermost in the minds of Russians.
Grouped Articles
Russia Faces Tough Fight on Ruble
Wall Street Journal 02/04/2009
Russian Ruble Hits Fresh Record Low Against Dollar
Wall Street Journal 10/06/2014
Russian Companies Clamor for Dollars to Repay Debt
Wall Street Journal 10/10/2014
Russian Ruble Fall to Fresh Lows
Wall Street Journal 10/10/2014
Inflation-Racked Russia Considering Price Controls
Wall Street Journal 10/10/2014
Ruble Slide Worries Wealthy Russians
Wall Street Journal 10/11/2014
The Russian ruble in 2010-2014
02/04/2009
Grouped Articles
Russian Ruble Slips to 7-Month Low as Investors Grow Cold
Wall Street Journal 09/23/2010
Red Alert on Russia Is Premature
Wall Street Journal 02/03/2014
Russia Faces Tough Fight on Ruble
Wall Street Journal 02/04/2009
Raising Stakes on Russia, U.S. Adds Sanctions
New York Times 07/16/2014
Russian Ruble Hits Fresh Record Low Against Dollar
Wall Street Journal 10/06/2014
Russian Companies Clamor for Dollars to Repay Debt
Wall Street Journal 10/10/2014
Rapid erosion of Sovereign Wealth Funds in 2009
05/09/2006
The rapid erosion of sovereign wealth funds is another aspect of the situation surrounding the present financial crisis in the global economy. From one of many causes, declining oil prices, supporting currencies, supporting local banks, stimulus spending, declining exports, or bad investments in western countries, there has been arapid erosion of Sovereign Wealth Funds.
Grouped Articles
Kuwait, Dubai Tackle Their Ills
Wall Street Journal 11/20/2008
Grim Outlook for Japan Economy: Barclays Economist
BusinessWeek 12/01/2008
Oil's Crash Stirs Unrest in Russia as Slump Hits Home
Wall Street Journal 12/19/2008
In Russia, Reserves Gain on Euro Rise
Wall Street Journal 12/25/2008
Saudi Arabia's Kingdom Holding Reports Big Loss
Wall Street Journal 01/20/2009
Big Mideast Funds Scale Back Investments
Wall Street Journal 01/27/2009
How nations and people are coping in the steep economic downturn and the impact of the global financial crisis of 2008-2009
04/24/2008
The underground economy in India, domestic demand in Vietnam, and other ways nations are coping in this downturn.
Grouped Articles
Economic Crisis Sweeps Eastern Ukraine
New York Times 04/08/2009
India, Suddenly Starved for Investment
New York Times 05/05/2009
Economist 04/24/2008
BusinessWeek 12/10/2008
Economist 12/11/2008
Wall Street Journal 01/29/2009
The impact of the 2008 global financial crisis on Sovereign Wealth Funds of Russia, China, the Gulf Countries and other SWF"s
02/03/2009
Grouped Articles
Economist 02/03/2009
Russia Faces Tough Fight on Ruble
Wall Street Journal 02/04/2009
Yaroslavl: A Russian Burg Turns Bearish
BusinessWeek 03/12/2009
Russia Bonds Still Confront a Deep Chill
Wall Street Journal 04/04/2009
The Bank of Russia and a symbol for the Russian currency, the Ruble
02/04/2009
Grouped Articles
Wall Street Journal 11/07/2013
Russian Ruble Slips to 7-Month Low as Investors Grow Cold
Wall Street Journal 09/23/2010
Putin Taps Pro-Market Economist as Banker
Wall Street Journal 03/12/2013
Russia Faces Tough Fight on Ruble
Wall Street Journal 02/04/2009
Russian Ruble Hits Fresh Record Low Against Dollar
Wall Street Journal 10/06/2014
Russian Companies Clamor for Dollars to Repay Debt
Wall Street Journal 10/10/2014
Russia's effort to prevent the ruble from collapsing in 2009
05/09/2006
Russia used up a third of its foreign exchange reserves to defend the ruble, from November 2008 to early February 2009, as the global financial crisis escalated.
Grouped Articles
Russian Ruble Slips to 7-Month Low as Investors Grow Cold
Wall Street Journal 09/23/2010
Yaroslavl: A Russian Burg Turns Bearish
BusinessWeek 03/12/2009
Russia Bonds Still Confront a Deep Chill
Wall Street Journal 04/04/2009
Medvedev Chooses Critic for an Interview Debut
Wall Street Journal 04/15/2009
Russian Ruble Hits Fresh Record Low Against Dollar
Wall Street Journal 10/06/2014
Russian Ruble Fall to Fresh Lows
Wall Street Journal 10/10/2014
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us
