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This multilateral support has halted the peso's sharp depreciation and calmed Wall Street.
This will be a confidence-building exercise that any sharp depreciation would undermine.
Any sharp depreciation of the new rouble at launch would destroy that hope.
A fall in the price of crude has already led to a sharp depreciation in Nigeria's currency, the naira.
The key question is whether the currency can be refloated without bringing about a further sharp depreciation.
The sharp depreciation has made UK exports more competitive but imports more expensive – prompting changes to inflation forecasts.
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"Although the UK's exchange rate is currently down by 15% on a trade-weighted basis compared to last November's peak, experience with previous sharp depreciations suggests that the boost to exports will be limited.
In 2015 the Federal Reserve, China and (yet again) the euro zone are three potential sources of financial tempests.The mere anticipation of a reduction in Fed asset purchases caused an emerging-world "taper tantrum" in 2013, including sharp depreciations in currencies against the dollar and rising borrowing costs.
In a recent paper Caroline Freund and Martha Denisse Pierola of the World Bank show that sustained export surges in the developing world are often associated with sharp currency depreciations, which encourage entry into new markets and products.Unfortunately, cheap currencies also discourage the consumption of traded goods by making imports more expensive.
Dow Jones reported that analysts did not expect such a sharp rise in depreciation, which was up more than 50percentto to £14.8 million.
It was not inflationary to any perceptible degree.He also tweeted a link to a paper of his, which notes:Sharp exchange rate depreciations, or currency crashes, are associated with poor economic outcomes in industrial countries only when they are caused by inflationary macroeconomic policies.
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