Russia sets new floor under rouble

Russia’s central bank set a new floor under the rouble on the 22 January 2009, 10% lower than its present trading level, and declared it would be the last time for several months that the limit would be changed.

The move heralds an end to the bank's policy of allowing gradual devaluations of the currency. Since November, the central bank has lowered the trading floor in slow increments of 1%, allowing the rouble to fall a total of 22%, under pressure of falling oil prices and a plunging stock market.

Russia Today, 22.1.09: Russian Central Bank brings gradual devaluations to an end with big bandwidth broadening http://rt.com/news/

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