"Black Tuesday" in Russia's history
Prior to July 1, 1992, there was an official exchange rate of 56 cents per one U.S. dollar. Of course, a common man could not buy the American currency at such a ridiculous rate that did not match the market price. From 1 July the government prirovnyat to dollar exchange rate, and the price skyrocketed instantly from 56 cents to 125 rubles. Simultaneously, the dollar rose to 222 times.
In August 1992, three days, the ruble has fallen by 22% and now one dollar was worth 205 rubles.
22 September 1992 the dollar exchange rate again increased from 205 to 241 of the ruble. This fall the national currency of Russia occurred on Tuesday, which the media called "black".
In the history of new Russia will not be a "black Tuesday" when the ruble will rapidly rush down.
In 1993, in the period from 22 to 24 September, the dollar again rose against the ruble by 25% from 1036 to 1299 rubles per dollar. The population began to massively buying up foreign currency. On every corner you see people with signs: "Buy dollars".
Economic experts attributed this sharp fall of the ruble is political instability in the country. September 21, Boris Yeltsin signed a decree on the termination of activity of the Supreme Soviet and Congress of people's deputies.
Another "black Tuesday" of 11 October 1994. For one trading session, the ruble has fallen to 38.6% (from 2833 to 3926 rubles per dollar). People again rushed to convert their savings into us currency, but this plunge was short-lived. After three days the dollar was worth 2994 rubles.
17 August 1998 the Russian government announced a technical default, although the public officials of the highest rank until the last day, assured that the economic situation in the country is quite stable and no disturbances can be expected. From August 18 to September 9, denominated the ruble fell against the U.S. currency in 3.2 times (from 6.50 to 20.83 rubles per dollar).
Simultaneously, the government abandoned the fixed exchange rate of the national currency and announced a floating rate under the expanded currency corridor.
The cause of the 1998 default was the economic crisis in Southeast Asia and a sharp drop in energy prices.
In the period from 1998 to 2002, the year the ruble has gradually depreciated. By the end of 2002, the ruble exchange rate was 31.86 rubles./$.
Until 2008, the national currency of Russia remained stable, however, due to the global financial crisis, the rouble fell slightly. This was due to the fact that falling global oil prices and the Central Bank of Russia led a deliberate policy of weakening of the ruble against the currency basket.
"Black Tuesday" — 2014
16 Dec 2014, and again on Tuesday, there was another sharp drop of the ruble. In the currency market started a real panic. That day the value of the dollar reaches 80.1 rubles./$. The rapid fall of the ruble continued despite the increase in the key rate of the Central Bank from 10.5% to 17%.
Will this "black Tuesday" last – time will tell.