Bank Of Russia Calls “Emergency” Meeting To Address Ruble Rout

Bank Of Russia Calls “Emergency” Meeting To Address Ruble Rout:

Earlier today, we highlighted a 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.

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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.

Some investors are selling at any price,” Bernd Berg, an emerging-markets strategist in London at Societe Generale told Bloomberg by e-mail.

And even as Russian central bank Deputy Chairman Vasily Pozdyshev swears “there’s no systemic risk,” the Bank of Russia has now called an emergency meeting with state-run and private lenders to discuss the FX bloodbath.

  • BANK OF RUSSIA TO MEET STATE-RUN, PRIVATE LENDERS: IZVESTIA

Not to worry, Moscow wants you to know this is not an “emergency” gathering.

  • BANK OF RUSSIA SAYS TALKS WITH BANKS NOT AN EMERGENCY MEETING