{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Russian Central Bank scraps currency controls, letting ruble trade freely' data-url='/boclips/videos/5c54bf46d8eafeecae141e63' data-video-url='/boclips/videos/5c54bf46d8eafeecae141e63' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nRussian Central Bank scraps currency controls, letting ruble trade freely\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eWith the Russian ruble in a nosedive under the pressure of Western sanctions and slumping oil prices, the country's central bank decided on Monday to scrap currency controls and let the ruble float freely on the currency markets.The bank...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eWith the Russian ruble in a nosedive under the pressure of Western sanctions and slumping oil prices, the country's central bank decided on Monday to scrap currency controls and let the ruble float freely on the currency markets.\u003cbr/\u003eThe bank has been burning through its 400 billion US dollars in reserves to soften the drop in the ruble, which has lost about half its value since the start of the year as investors pulled money out of Russia and the economy headed toward recession. \u003cbr/\u003eIt spent 30 billion US dollars last month alone - an unsustainable rate. \u003cbr/\u003eOn Monday, the central bank said it would let the market decide what value to give the ruble, which touched a record low of above 48 to the dollar on Friday.\u003cbr/\u003eIt also warned, however, that it would be ready to intervene if necessary to maintain financial stability.\u003cbr/\u003eA free float could see the ruble depreciate further in the longer term, stoking inflation and other economic problems for Russians.\u003cbr/\u003eBut investors welcomed the central bank's move as a necessary step protect the nation's hard currency reserves and curb market speculation.\u003cbr/\u003eChris Weafer, a financial analyst at Macro Advisory, said the regulator should have made the move earlier.\u003cbr/\u003eWeafer however added that he foresaw further volatility in the market due to continuing tensions in Ukraine. \u003cbr/\u003eMeanwhile, the ruble strengthened sharply on the news, trading up 3.6 percent at around 45 rubles a dollar in midday trading.\u003cbr/\u003eMoscow, Russia - 10 November, 2014\u003cbr/\u003e1. People walking past currency exchange office\u003cbr/\u003e2. Screen showing currency exchange rates\u003cbr/\u003e3. People walking past currency exchange office\u003cbr/\u003e4. Man entering bank\u003cbr/\u003e5. Set-up of Moscow resident Vladimir Ivanov inside bank \u003cbr/\u003e6. SOUNDBITE (Russian) Vladimir Ivanov, Moscow resident:\u003cbr/\u003e\"Almost all cars are foreign-made, the same is true for spare parts. As for household appliances, people have bought enough of them, so we'll see. But even gas for some reason has become more expensive.\"\u003cbr/\u003e7. Screens showing currency exchange rates\u003cbr/\u003e8. SOUNDBITE (Russian) Yuri Friyuk, Moscow resident:\u003cbr/\u003e\"With groceries, the prices are rising significantly. It never seems like it's hitting your pocket that hard, but by the end of the month you can feel the difference.\"\u003cbr/\u003e9. Screen showing currency exchange rates\u003cbr/\u003e10. Set-up of Macro Advisory analyst Chris Weafer at his desk\u003cbr/\u003e11. Weafer pointing to figures on page \u003cbr/\u003e12. SOUNDBITE (English) Chris Weafer, analyst at Macro Advisory: \u003cbr/\u003e\"The central bank effectively have been telling the market that, you know, every time the ruble moves by a certain amount, we will intervene and then move that again. That's like playing poker against the market, it means that people have been betting against the central bank and winning as it were. So it would have been better if the central bank has just gone for free flow much earlier on.\"\u003cbr/\u003e13. Weafer's glasses on desk \u003cbr/\u003e14. SOUNDBITE (English) Chris Weafer, analyst at Macro Advisory: \u003cbr/\u003e\"The problem is that we have this big shadow of east Ukraine, and the threat of sanctions hanging over the whole economy and hanging over the currency. So effectively while the central bank said we're free floating except in days of extreme volatility, that's still keeping the game, as it were, alive because traders, looking at the news from Ukraine, perhaps seeing some deterioration in the security situation, will then likely bet against the central bank intervening, or bet that the central bank will intervene. So we're still going to have some volatility I think on the back of the situation in Ukraine.\"\u003cbr/\u003e15. 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