In the second half of 2014, the rouble fell in tandem with oil prices, losing over half of its value. Interventions by the Russian Central Bank (US$30 billion spent on propping up the rouble in October; an interest rate hike of 6.5% to 17% in December, later eased to 15%) failed to halt the currency’s downward slide for more than a few days.
The rouble and oil prices
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