[20141217]IN10200_俄罗斯经济危机.pdf

CRS InsightsEconomic Crisis in RussiaRebecca M. Nelson, Specialist in International Trade and Finance (rnelsoncrs.loc.gov, 7-6819)December 17, 2014 (IN10200)Recent DevelopmentsOn December 15, investors started a massive sell-off of Russias currency, the ruble. This accelerateddepreciation of the ruble, which had been ongoing for several months. In order to stem its furtherdepreciation, the Bank of Russia (Russias central bank) announced its biggest interest rate hike since1998, raising a key interest rate from 10.5% to 17%, at an emergency meeting on December 16.Despite this measure, the ruble sharply depreciated throughout the day, falling from 58 rubles perdollar to 80, before rising again to 70. The central bank is currently intervening in foreign exchangemarkets (meaning it is selling foreign currencies and purchasing rubles) to support the value of theruble.The proximate cause of the sell-off was likely a deal announced between Russias central bank andRosneft, a major state-controlled oil company, to help cover the companys debts. Many investorsviewed the nearly $11 billion deal as potentially inflationary and, given the favorable terms of the dealand the close ties between Ro