{"id":16778,"date":"2016-01-21T13:10:49","date_gmt":"2016-01-21T18:10:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16778"},"modified":"2016-01-21T13:10:49","modified_gmt":"2016-01-21T18:10:49","slug":"bank-of-russia-calls-emergency-meeting-to-address-ruble-rout","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16778","title":{"rendered":"Bank Of Russia Calls “Emergency” Meeting To Address Ruble Rout"},"content":{"rendered":"

Bank Of Russia Calls “Emergency” Meeting To Address Ruble Rout<\/a><\/h3>\n
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Earlier today,\u00a0we highlighted<\/a>\u00a0a dramatic plunge in the Russian ruble which has crashed to record lows against the dollar after staging its steepest two-day decline in nine months.<\/div>\n
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The sharp (and seemingly inexorable) decline in crude prices combined with Western economic sanctions and geopolitical turmoil have weighed on the currency of late and in the midst of a new leg down in oil, investors appear to be panic selling.<\/p>\n

\u201cSome investors are selling at any price<\/strong>,\u201d Bernd Berg, an emerging-markets strategist in London at Societe Generale told Bloomberg by e-mail.<\/p>\n

And even as Russian central bank Deputy Chairman Vasily Pozdyshev swears \u201cthere\u2019s no systemic risk,\u201d\u00a0the Bank of Russia has now called an emergency meeting with state-run and private lenders to discuss the FX bloodbath.<\/strong><\/p>\n