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Informal capital controls arrest Russian ruble's slide

Submitted by cpowell on Tue, 2014-12-23 10:20 Section: Daily Dispatches

By Darya Korsunskaya, Elena Fabrichnaya, and Lidia Kelly
Reuters
Tuesday, December 23, 2014

MOSCOW -- The Russian rouble hit its highest levels in two weeks on Tuesday, shored up by informal capital control measures designed to head off a repeat of the galloping inflation and mass protests that marked Russia's 1998 financial crisis.

The government put pressure on state-owned exporters on Tuesday to sell dollars while officials and banking sources said the central bank had installed supervisors at the currency trading desks of top state banks. ...

Analysts said the measures were effectively a softer version of capital controls, adding that they did not believe President Vladimir Putin, who has drawn much of his popularity from financial stability and rising prosperity, would break his pledge not to resort to full-fledged controls. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/12/23/us-russia-crisis-rouble-idUSKB...


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