Russia’s currency, the ruble, has recovered by about 10 percent, after falling sharply in value this week, as the government pressured exporters not to hoard their foreign currency. Consumers in Moscow have been on a spending spree, on fears of price hikes, after a massive interest rate increase failed to stop the ruble’s decline.
The ruble regained some ground Wednesday in volatile trading, but investors remain nervous about currency’s stability.
Russia’s central bank spent billions of dollars this week propping up the ruble after a jump to a 17 percent interest rate failed to arrest its decline.
The Russian currency this year lost …read more
Source: Voice of America
