Jeff Lacy

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But the shock was cushioned by the policies of the Russian central bank. It closed insolvent banks, including those owned by powerful figures, and allowed the ruble to float. The currency lost more than half its value against the dollar. But this flexibility helped to steady the economy. Expenditures by the Russian government are largely in rubles. Thus a fall of 50 percent in dollar revenues from oil would, roughly speaking, still convert into the same amount of rubles within Russia as prior to the collapse.
The New Map: Energy, Climate, and the Clash of Nations
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