MOSCOW - The Russian Central Bank has spent $650 million so far this year to prop up the sinking ruble, and is willing to spend only another $100 million, bank chairman Viktor Gerashchenko said.
The ruble sank to a record low of 210.5 to the dollar on the Moscow Foreign Currency Exchange Tuesday, down from the previous low of 205, reached last Thursday.
Mr. Gerashchenko told the Interfax news agency that the central bank spent $30 million on Thursday alone to prevent the ruble from sliding any further.
"The state bank can spend no more than $100 million for ruble stabilization," Mr. Gerashchenko was quoted as telling a meeting of Russian entrepreneurs.
"We are not giving up the practice of hard currency interventions, but we can run out of money at any moment," he said. Mr. Gerashchenko did not say over what time period the bank was willing to spend the final $100 million.