Russia's central bank steps in as ruble crumbles

  • The Russian central bank intervened to shore up the ruble after the currency hit a new low against the dollar amid fears of economic weakness in face of plunging oil prices.

    The crisis is being described as the most severe since the 1998 debt default in Russia, according to media reports.

    With the central bank stepping in, the ruble recovered over half of its losses suffered earlier in the day.

    The bank is urging people not to convert their savings into dollars or euros.


    Tagged as: Russian central bank, ruble, currency, dollar, oil prices, debt default, business news