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The rouble crisis by graziano formica
The rouble crisis |
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Advice,Affiliate Programs,Business News
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Russia's dawning currency crisis has already produced a rich folklore, reawakening the survival instincts that Russians developed to cope with Soviet-era shortages, the hyperinflation of the early 1990s, and the devaluation of 1998. Russians are rushing to spend their roubles while they are still worth something, buying foreign currency, jewellery and electronics. The less well-to-do have stocked up on oil, grain and soap. Russian bureaux de change have placed orders for electronic signs with three digits before the decimal point, preparing for rouble-euro exchange rates above 100. The urban middle class has been hit by the degraded value of its savings and the rising cost of mortgages denominated in foreign currency. The Poor folk outside large cities have been hit by food price inflation that is running as high as 40%. 
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