As goes oil, so goes the ruble. Recent weeks have seen steep declines for both. But perhaps there is less cause for concern over Russia than there is for the currency of a country that should be benefiting from cheaper oil: Turkey.

True, the ruble has performed terribly this year. It hit a record low of 86 to the U.S. dollar Thursday and was down 12% for the year before Friday’s bounce in crude prices brought it back to 78.3. The Turkish lira, by contrast, is only down 3.2% this year against the dollar. But it, too, has flirted with record lows. Moreover, its depreciation has been relentless since the middle of 2013.

Russia’s economy is still clearly in trouble: geopolitical risk is high, sanctions remain in force, its reliance on oil and gas makes it vulnerable, and potential growth looks feeble. The economy is estimated by the International Monetary Fund to have contracted 3.7% in 2015 and is forecast to shrink a further 1% in 2016. Yet Russia has managed to withstand a sudden stop in financing due to sanctions, a prospect that would cripple many emerging economies.

Russia’s central bank has boosted credibility first by allowing the ruble to float, preserving foreign-exchange reserves, and by slamming interest rates higher. In December 2014, it raised its key rate to 17%; it has since fallen to 11%. But the central bank has remained on hold since August as it assesses inflation, which was 12.9% in December. The target for 2017 is 4%.

A further decline in oil, and an associated slide in the ruble, will present the central bank with a new challenge: with Russia’s economy in recession, it will face a hard decision over whether to maintain the inflation-fighting credibility it has won or let it slip. Yet it is at least approaching the situation from a position of relative strength.