On December 15, investors started a massive sell-off of Russia's currency, the ruble. This accelerated
depreciation of the ruble, which had been ongoing for several months. In order to stem its further
depreciation, the Bank of Russia (Russia's central bank) announced its biggest interest rate hike since
1998, raising a key interest rate from 10.5% to 17%, at an emergency meeting on December 16.
Despite this measure, the ruble sharply depreciated throughout the day, falling from 58 rubles per
dollar to 80, before rising again to 70. The central bank is currently intervening in foreign exchange
markets (meaning it is selling foreign currencies and purchasing rubles) to support the value of the
ruble.