Russia-Currency devalued on Boxing Day.

RUSSIA.

ROUBLE DEVALUED AGAIN ON BOXING DAY.

Russia has devalued its currency, the rouble, for the third time this week with a devaluation on Boxing day, which is the seventh time in December alone.

The Russian currency has been hit hard by the price of oil, which is the main export of the country. Oil prices are more than US$100 less than they were in July.

According to the Russian Treasury, they have more than US$100 billion in the coffers to protect the currency, which has lost 15% of its value in the last few weeks. With reserves of US$450 billion the government have no need to raise taxes according to a government spokesman.