Russian central bank buys up roubles to avert stock market collapse
by Phillip Inman from on (#5WFBN)
Bank scrambles to prevent invasion of Ukraine sending Russia's financial system into meltdown as currency hits all-time low
The Russian central bank has purchased millions of roubles to prevent the collapse of the Moscow stock exchange and prop up the currency after it plunged to an all-time low of 89.60 against the dollar.
In a scramble to prevent the invasion of Ukraine pushing Russia's financial system into meltdown, officials in Moscow closed the stock exchange while the Bank of Russia mounted a rescue operation to put a floor under the skidding rouble.
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