3 Rubles – Russian Federation

In 2011, the Russian Federation's currency situation was characterized by a period of relative stability and managed strength for the ruble, following the severe shock of the 2008-2009 global financial crisis. The Central Bank of Russia (CBR) operated a dual-currency basket peg (55% US dollar, 45% euro) within a floating corridor, actively intervening to smooth excessive volatility. High global prices for oil and other key commodity exports, which remained above $100 per barrel for much of the year, drove strong capital inflows and bolstered the country's foreign exchange reserves, allowing the CBR to gradually widen the trading band and permit a controlled ruble appreciation to combat inflation.

This stability, however, masked underlying vulnerabilities and policy tensions. Inflation remained a persistent concern, ending the year at over 6%, prompting the CBR to engage in significant sterilization efforts—buying foreign currency to limit ruble strength while simultaneously raising reserve requirements to mop up the resulting ruble liquidity. Furthermore, the economy faced substantial capital flight, estimated at $80.5 billion for the year, as political uncertainty ahead of the 2012 presidential election and a perceived lack of structural reforms encouraged domestic investors to move assets abroad.

By the close of 2011, the currency landscape began to shift as external risks mounted. The escalating Eurozone debt crisis and a moderate decline in oil prices in the fourth quarter triggered capital outflows and put downward pressure on the ruble, forcing the CBR to switch from buying to selling foreign currency to support the exchange rate. This marked the end of the steady appreciation trend, setting the stage for the more volatile and challenging period that would follow in the coming years, ultimately leading to the move to a free float in 2014.