MOSCOW—After a head-spinning drop in the Russian ruble this year that has raised echoes of the brutal market crises of the 1990s, the national central bank on Monday decided to freely float the currency and shield it more from speculators.
The move, which aims to spare the central bank from burning billions in reserves on supporting the currency, highlights the extent of Russia’s economic decline. Buffeted by Western sanctions and a big drop in the price of its oil exports, the country is sliding toward recession. Investors are pulling money out or seeking the safety of foreign currencies.
For ordinary Russians, the …read more
Source: The Epoch Times
