Russian Ruble Collapse. Infographic

At the end of October 2014 Russia faced the unprecedented devaluation of the ruble

Russia's Ruble Collapse infographic

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The main reasons for the fall of the Russian ruble:

  • Falling oil prices in the world
  • US and EU sector-wide economic sanctions and personal sanctions
  • Outflow of investors and capital – up to 100 billion for 2014

For 1 day Russian Central Bank sold 2.928 billion dollars from foreign-exchange reserves trying to stabilize ruble before public holidays on November 1-4, 2014.

That means Russian Central Bank has been spending foreign-exchange reserves:

  • 33 000$/sec
  • 2 000 000$/min
  • 122 000 000$/hour
  • 2 928 000 000$/day

Foreign-exchange reserves of Russia in 2014 reduced from 509 billion USD to 428 billion USD.
It is a five-year minimum since October 16, 2009
After public holidays on November, 5 Central Bank of Russia refused to more than 350 million per day currency interventions. USD to RUB exchange rate immediately began to growth to 47.9 rubles per dollar.

It is a minimum exchange rate since the time of Russia’s debt default in 1998.

For this moment we see ruble panic in Russia:

  • Russians are actively buying cash dollar. Russian press reports about queues at the currency exchange
  • on the black market USD to RUB exchange rate = 50
  • the largest bank in Russia Sberbank inhibits the withdrawals of big deposits and requires information about the future appointment of withdrawals of funds

 

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