Skip to content
Subscriber Only

Bank of Russia Chief Axes Davos Trip as Ruble Speculators Pounce

  • Nabiullina's ruble comments spurred selloff, Commerzbank says
  • Russia currency still too strong relative to oil after plunge
Video player cover image

Ruble Hits Record Low as Crude Crumbles

Updated on

Russia’s central bank governor canceled a visit to the World Economic Forum as the ruble’s historic fall accelerated for a second day after speculators pounced on her comments that policy makers don’t intend to intervene in the market.

The Bank of Russia’s press service gave no reason for Governor Elvira Nabiullina’s decision not to travel to Davos on a day that the ruble declined as much as 5.3 percent to 85.999 per dollar, the most in emerging markets. Five-year government bonds slid, lifting the yield 3 basis points to 10.95 percent, the highest since October.