Economics
Ruble Gains as Central Bank Pledges to Help Cover Foreign Debt
- Loans to cushion hit from sanctions as $61 billion comes due
- Rabobank strategist says moves are `positive' for currency
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The ruble strengthened after the Bank of Russia said it would back borrowers saddled with $61 billion of external debt payments over the next four months and locked out of foreign markets by sanctions over Ukraine.
Central bank Governor Elvira Nabiullina said Wednesday policy makers will renew the 12-month loan program, suspended in June. The ruble led a comeback in emerging-markets today, rallying the most of 24 currencies as it gained 3.2 percent to 67.763 per dollar at 5:45 p.m. in Moscow.