|December 16, 2014 | 16:04 GMT|
The rapid decline of the ruble — about 13 percent in one day — is a critical situation and the central bank of Russia will react with additional measures soon, the bank’s first deputy chairman Sergei Shvetsov said Dec. 16. “We could not imagine this in our worst nightmare a year ago,” Shvetsov told Interfax. The bank hiked its key interest rate to 17 percent overnight, but despite the rate increase, the ruble continued to fall sharply throughout the day, declining by 20 percent in the span of only a few hours before stabilizing a bit. Shvetsov expressed optimism that the country would survive the crisis but said the situation would be comparable to the worst period of 2008.