10 Rubles – Russian Federation

The Russian Federation entered 2008 with a currency situation characterized by significant strength and stability, largely driven by a prolonged boom in global oil and gas prices. The Russian ruble was effectively managed within a crawling peg against a dual-currency basket (55% USD, 45% EUR), allowing for gradual, controlled appreciation. This policy, combined with massive capital inflows, led to a substantial accumulation of foreign exchange reserves, which peaked at nearly $600 billion in mid-2008—the third-largest in the world at the time. This robust position created an atmosphere of confidence, with authorities focused on fighting inflation and reducing the dollarization of the economy.

However, the global financial crisis dramatically reversed this situation in the latter half of the year. As oil prices collapsed from historic highs of over $140 per barrel to around $40 by year's end, and global credit markets froze, Russia faced a perfect storm. Investor confidence evaporated, leading to massive capital flight estimated at $130 billion in the last quarter alone. Intense pressure on the ruble forced the Central Bank of Russia (CBR) to intervene heavily, spending over $200 billion of its reserves in a costly defense of the currency's trading band to prevent a disorderly devaluation and a banking crisis.

By December 2008, the unsustainable drain on reserves compelled the CBR to enact a controlled, stepwise devaluation of the ruble. It gradually widened the trading band for the dual-currency basket 19 times, allowing the ruble to depreciate by approximately 30% against the USD since its summer peak. This move marked a stark end to the era of a strong, managed ruble, transitioning the economy into a period of crisis management, recession, and a new reality of a significantly weaker national currency as 2009 began.