Posted on 12/15/2014 11:02:05 AM PST by elhombrelibre
* RTS share index plunges 10 percent to 5-year low
* Central bank seen intervening to support rouble
* Putin's popularity in part based on stability (Recasts and update prices)
MOSCOW, Dec 15 (Reuters) - The rouble plunged almost 10 percent against the dollar on Monday, its sharpest fall since 1998, and Russian assets sold off across markets, testing the firepower of the central bank and posing a major challenge for President Vladimir Putin.
Traders said the slump in the rouble, down 49 percent against the dollar this year, forced the central bank to intervene in the market on Monday to defend it against the threat of new U.S. sanctions over Ukraine, tumbling oil prices and one-sided bets that the currency would fall.
Intervention has become a near-daily routine since the start of the month. Neither rate hikes nor tough talk from senior policymakers have been able to stem the currency's decline.
(Excerpt) Read more at uk.reuters.com ...
One problem with this bad news for Putin is it could cause financial distress in other places, like hedge funds or banks or countries. This could be a very significant event outside Russia, in a bad way.
so no shortage of toilet paper than , unless the Rouble is one of the Plastic bills
This is not good news. A Putin under siege may do something really stupid with his military. And our community organizer in chief would probably let him get away with it.
Rubles, 3 for 5¢ Wasn’t that far back it was 2/5¢—that’s not good. I have Russian neighbors but won’t tease ‘em [Hey, how’s that Ruble workin’ out for ya?].
might soon be a good time to buy some nice russian palace on a baltic beach somewhere soon for US pocket change!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.