1994 "Black Tuesday" in Russia

20 years ago, on October 11, 1994, there was a massive drop in the exchange rate of the ruble against the dollar on the MICEX, called "Black Tuesday". During this day, the dollar rose from 2833 to 3926 rubles per dollar. Already on October 14, the exchange rate was 2994 rubles per dollar, that is, it returned almost to its previous level. The report, which was prepared by a special commission, said that the main reason for the collapse is "uncoordinated, untimely, and sometimes incompetent decisions and actions of the federal authorities." The chairman of the Central Bank, Viktor Gerashchenko, and acting. Finance Minister Sergei Dubinin.