The Remains of the Ruble
In January 2014, 33 Russian rubles exchanged for one US dollar. In December 2014, the amount has more than doubled, reaching 77.2 rubles per dollar on December 16th, a day some dubbed Russia’s Black Tuesday. Russian central bankers raised interest rates by 6.5% overnight, and spent $2 billion to stave off the depreciation. In total, propping up the currency has cost $10 billion since the beginning of the month, and $70 billion since the beginning of the year.