https://freerepublic.com/focus/f-news/4064886/posts
RUBLE SMASHES FOUR-YEAR HIGH AGAINST US DOLLAR
In a pretty closed market. Open the Russian stock market and currency exchanges with the West. For a single day. Russian investment would collapse and the Ruble would pretty much look like one of those cryptos from last week.
“RUBLE SMASHES FOUR-YEAR HIGH AGAINST US DOLLAR”
Its not freely floating. If it was, foreigners would sell. Foreigners can not sell today.
The only reason the ruble is holding is that Russia is offering a 14% interest rate. That has kept the currency from collapsing, but it also is destroying their economy.
A farmer who needs to borrow for the spring planting season is going to be paying 20%+ interest on the loan. Most farmers are thus having to plant less.