Russian for ex intervention hits record $3bn

The central bank of Russia spent a record $3 billion on Tuesday 10 February to hold down the ruble. The intervention represented the biggest foreign-exchange intervention in Russia's history.

The central bank took the unprecedented move when the ruble's exchange rate hit a three-year minimum level of 28.43 rubles against the dollar Tuesday. The high-level tone of activity was set early on the foreign-exchange market, when a number of commercial banks started offloading dollars in huge quantiti