In case you haven’t noticed, the Russian ruble appears to be in a lot of trouble, under tremendous pressure from sellers fleeing to other currencies like monetary refugees.  Although the Central Bank widened the band and allowed the ruble to slip for the third time in four days on Monday (and slip it did down to 33.5 against the euro-dollar basket), there are indications that the government’s strategy of managed devaluation is coming into strong disfavor among institutions and market analysts as the currency falls to a three-year low against the dollar.

Chris Green, chief economist of London-based VTB Bank Europe, tells the AP: “The continued defense of an unsustainable currency is like trying to push water uphill.  The dynamics are suggesting that it’s going to fall back again.“

But the most startling news comes from the World Bank, as reports emerged today that a strongly worded recommendation has been sent from the institution to Russia’s financial authorities asking them to scrap the managed exchange rate regime in order to moderate capital outflow and staunch the leak in the rapidly depleting reserves.