On top of his Ukrainian tribulations Vladimir Putin now has to manage a war of attrition with currency speculators. Lack of confidence in the Russian economy has prompted a flight in capital as some investors seek to limit their losses on rouble assets while others actively bet on a continued depreciation of the currency. The president’s battlefield options range from strategic retreat (allowing depreciation) to raising interest rates and selling foreign exchange to imposing controls on capital outflows.
除面對烏克蘭的麻煩事之外,俄羅斯總統弗拉迪米爾•普丁(Vladimir Putin)眼下還要與貨幣投機者打一場消耗戰。投資者對俄經濟缺乏信心,導致俄出現資本外逃,一些投資者正謀求控制所持盧布資產的損失,還有一些投資者積極押注於盧布持續貶值。普丁的戰術選擇有如下幾種:戰略撤退(即允許盧布貶值),加息,出售外匯,以及對資本外流實施管制。