Panic buying? Bank runs? Not at all — it’s business as usual in Russia. The rouble’s latest plunge isn’t triggering the kind of anxiety associated with a typical currency collapse in the country, as President Vladimir Putin’s ongoing invasion of Ukraine extends past the 18-month mark.
The central bank also held an emergency nocturnal meeting on that occasion, announcing the largest single interest-rate increase since 1998. The currency depreciated again shortly after Russia invaded Ukraine, but rebounded quickly as Russia imposed measures, including capital control. This time around Only about 60% of Russians think the rouble rate is affecting their income now and about a half do not not track it at all, according to an Otkritie Bank survey published this week.