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24 Feb 2022

Russia’s Central Bank to Start Currency Intervention as Ruble Crashed to an All-time Low

The Index Today

The Russian Central Bank said on Thursday that it will start intervention on the currency market as the Russian Ruble crashed to an all-time low after President Vladimir Putin authorized what he called a special military operation in Ukraine. Currently, one (1) Russian Ruble is equal to 0.012 USD.

Reuters reported that after weeks of denying plans to attack neighboring Ukraine, Russian forces fired missiles at several cities in Ukraine and landed troops on its coast on Thursday.

Russia’s currency, bonds and stocks all tanked, prompting the central bank to announce its first foreign exchange intervention designed to shore up financial stability since 2014, the year when Russia annexed Crimea from Ukraine.

©Photo: Bloomberg

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