When the ruble tumbled in December, the finance ministry – which holds almost half of Russia’s foreign reserves, $169 billion, in two sovereign-wealth funds – deemed the central bank’s intervention to be insufficient. So it announced that it would sell $7 billion from its reserves to boost the ruble – a move that caused the exchange rate to overshoot on the upside.
敏感的货币市场最能说明缺乏协调的状况。与大部分其他国家不同，在俄罗斯，中央银行没有独家干预权。12月，当卢布暴跌时，俄罗斯财政部——它通过两家主权财富基金持有俄罗斯外汇储备的近一半1,690亿美元——认为中央银行的干预不够充分。于是它宣布出售它所持有的70亿美元储备以提振卢布——结果导致汇率过度反弹。