Battered Ruble Stabilizes — For Now

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I promise not to post this chart every day, but since I’ve put it up for the past two days when the ruble was crashing, I figure I should let everyone know when the crash has halted. For a few hours, anyway, thanks to some dubious measures from Russian banking authorities:

The currency was trading 8% stronger against the dollar at 62.1 on the Moscow exchange, while Russia’s RTS Index was up 17%, after the central bank eased regulations on the banking system in a bid to provide some relief on capital adequacy for banks and convince Russians to keep their money in rubles.

Measures including allowing banks not to take provisions against souring loans and weakening assets they hold, and allowing lenders to use last quarter’s exchange rate when settling some foreign-exchange transactions.

I’m not sure that loosening banking regulations is a great response to a currency crisis, but I guess you never know. In any case, it seems to have stabilized things for the time being. In the longer term, storm clouds are still brewing. Stay tuned.

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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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