Quotes from Barclays Capital:- The CBR has undertaken various policy measures to stabilise the RUB and preserve its reserves. Having adopted a free float for the RUB, it raised interest rates twice in December by a total of 750bp to 17%. Subsequently it limited RUB liquidity, causing the 3M Mosprime rate to surge to 30% initially; it has now settled back to 24%, still well in excess of the CBR policy rate. – CBR reserves have declined to USD389bn, down USD32bn in December and USD123bn in 2014. Further losses of reserves are likely as part of CBR efforts to limit RUB depreciation as we expect the CBR to resist raising its policy rate further.
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