“Moreover, for further expanse of credit institution ability to manage their foreign exchange liquidity it was decided to increase maximum allotment amount for 28-day FX REPO auctions from 1.5 to 5.0 billion USD and to conduct 12-month FX REPO auctions on weekly basis,” said the central bank in the statement.
Despite the efforts to save the ruble, RSX, the largest Russia ETF, trades at its lowest levels since March 2008. Russia is not alone in its drastic efforts to save a flailing currency, so there is something of a template for what traders can expect from Russia ETFs in the coming days.
Earlier this year, the Turkish central bank raised its overnight lending rate to 12% from 7.75% and more than doubled the overnight borrowing rate to 8% to 3.5% in one of the boldest moves by any central bank in recent memory to defend a flailing currency. That was Jan. 28. By Feb. 14, the iShares MSCI Turkey ETF (NYSEArca: TUR) had risen 5.5%. [Central Bank Salvation for Turkey ETF]
Market Vectors Russia ETF
