Raising The Ruble

SPECIAL REPORT

When severe volatility forced trading to grind to a halt on Russia's two leading stock exchanges in mid-September 2008, it was clear that the global financial crisis, from which Russia had so far been cushioned, had finally hit the market. The exchanges, Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange (Micex), were closed repeatedly in the weeks that followed-sometimes for the entire trading day-and the value of Russian stocks plummeted. Coming at the end

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