Memories of Russia's default on $40bn of domestic debt eight years ago, when people queued outside banks to withdraw roubles that were plummeting in value, have barely faded from the national psyche.

Yet, remarkably, with coffers swollen by oil selling at $70 a barrel, Russia will tomorrow lift all currency controls on the rouble and make it fully convertible. Everyone will be able to move roubles freely out of and into the country, foreign and offshore investors will be able to open rouble bank accounts, and restrictions on rouble fixed-income investments will disappear.