Word: rublee
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The crisis has forced Russia to spend scarce U.S. dollar reserves as well as other hard currencies to prop up the ruble. Its commercial exchange rate stood at 70 to the dollar last week, improved from 114 to the dollar the week before. Rumors that authorities may act to strengthen...
But Moscow's intervention on foreign exchange markets is no substitute for long-term policies to stabilize the ruble. To achieve that goal, Yeltsin still counts on his January shock treatment, which eliminated price controls, to encourage farmers and manufacturers to produce more goods. That would bring supply in line...
To speed the transition to a stable ruble, Russia has asked the U.S. and its allies for $30 billion of hard currency over five years, in addition to food and other aid. The money would go into a fund Russia would use to buy rubles as a means of maintaining...
The harsh truth, these economists say, is that the ruble cannot become stable without an overhaul of the economy far more thorough than what Yeltsin seems willing to risk. With 90% of Russia's production, distribution and retail outlets still in the inefficient hands of the state, they contend, supply...
Some Western experts urge Russia to scrap the ruble altogether in favor of a new currency. Johns Hopkins' Hanke calls for creation of a "currency board," such as those used in Hong Kong and Singapore, that would circulate new cash and coins backed by dollars or other hard currency. The...