A surprise interest rate hike by the Russian central bank late Monday night left analysts debating whether such "panicked" moves by officials have any genuine impact.
Russia delivered an emergency 650 basis point rise to its main base rate at an emergency midnight meeting, but traders had other ideas with the ruble crumbling to a new record low the following session, testing the bank's credibility.
Russia isn't the first emerging market to issue such a rushed policy change. It's Turkish counterpart delivered an eye-popping hike to its overnight lending rate, increasing it to 12 percent from 7.75 percent, back in January. The move was designed to defend the country's embattled currency and worked for several months with the lira only recently hitting its 2014 low against the dollar, amid the strains of the current emerging market rout.
"Turkey's did work...in my view," Timothy Ash, the head of emerging markets research at Standard Bank, told CNBC via email. "The message for central banks is be decisive....not half-baked."