Finance safety

The ruble’s rollercoaster path may be finally heading toward stability, according to the International Monetary Fund head of mission Bikas Joshi. The analyst applauds the government actions taken to quell the ruble’s sharp volatility.

After closing 2014 as the world’s second worst performing currency, the ruble is back on track, thanks to the government, Joshi told TASS in an interview Friday.

The ruble hit rock bottom against the dollar on December 16, when it lost more than 20 percent, with one dollar buying 80 rubles. After serious bank interventions and other measures, it has recovered to about 65 to the dollar.

After the crash, the Russian government ordered five major state-owned exporters, including Gazprom and Rosneft, to sell part of their foreign currency earnings to support the ruble, which added about $1 billion to the daily ruble market.

 Support for Russian ruble‘working’ – IMF