Russian Ruble Plunges To New Record Low As Central Bank Hints At Gold Sales

Wednesday, November 5, 2014
By Paul Martin

by Tyler Durden

The Ruble collapsed another 2% today breaking above 45 for the first time ever as Bank of Russia’s Deputy Governor Ksenia Yudaeva suggested their policy was “quite close” to free floating the currency and desperately tried to jawbone the currency. She suggested that further rate increases were possible, that interventions were part of the “policy package” when repo tool ramps up and, most notably, Moscow could use some of its national foreign currency or even gold bullion reserves – now the world’s fifth largest hoard – to pay for buying imports if Western sanctions over Ukraine continue.

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