Word: rublee
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Little wonder. The ruble has lost 30% of its value against the dollar in the past six months, while economic activity decreased 7.3% in February compared with the same month last year, Deputy Economic Development Minister Andrei Klepach said on March 24. The government has said the economy is likely...
During Russia's fat years, waistlines expanded almost as quickly as oil and gas exports. But now that lean times have returned, Russia's Ministry of Health is encouraging a revival of a diet full of cabbage, sour milk and other traditional foods to fatten Russians' wallets and slim their...
Since the financial crisis hit Russia late last summer, more than 1.5 million Russians have lost their jobs and the ruble has lost a third of its value. On Friday the State Statistics Service reported that the annualized inflation rate had jumped to 13.9 percent - a four month high. The...
The global economic meltdown is flattening Russia. In the first week of February alone, some 72,000 jobs vanished, according to Deputy Prime Minister Alexander Zhukov. Some government agencies predict that the number of unemployed may reach 2.8 million by the end of this year, up from 1.5 million at...
At first, the Kremlin tried to prop up the currency, but after blowing through tens of billions of dollars in September and October, it changed course in November and has since begun a policy of phased devaluation. That's calling up bad memories of the ruble's collapse in 1998...