Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality

Iraq Dinar/News is a popular topic among many topics this board offers. You must log in to see and participate in our Dinar sections.

Ever heard of Bitcoin? I encourage you to veiw my 4 minute video about the Bitcoin of Health Care CoinMD. Just load set up a free 30 day test ride and contact me as needed. I have a Facebook informational page you can request to join for all my mist updates.


I can be reached by phone or text 7am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2017

How the Unshackled Ruble Has Changed Russia's Economy Forever


Posts : 26977
Thanked : 1438
Join date : 2013-01-12

How the Unshackled Ruble Has Changed Russia's Economy Forever

Post by Lobo on Tue 10 Nov 2015, 7:21 pm

How the Unshackled Ruble Has Changed Russia's Economy Forever

The weaker currency has hit consumers hard but helped oil producers

Anna Andrianova AndrianovaAnna
Andre Tartar andretartar

November 9, 2015 — 8:00 PM PST

Today marks the one-year anniversary of the freeing of the ruble for the first time in its post-Soviet history.
In five charts, we show how the central bank's decision to stop depleting international reserves to prop up the currency has upended every facet of the Russian economy, from decimating wages to enriching oil exporters. 

1. Runaway Inflation

The ruble has shed about 30 percent against the U.S. dollar, stoking inflation to a 13-year high that the central bank sought to counter with repeated interest-rate hikes up to 17 percent last December. The Bank of Russia has since unwound much of that emergency rate increase.

2. Rising Poverty

Runaway inflation eroded consumers' purchasing power. The resulting drop in wages and disposable income has been so dramatic as to make more Russians destitute. The World Bank predicts Russia will experience for the first time since the 1998-1999 financial crisis a significant increase in its poverty rate, which had almost halved since 2000 when President Vladimir Putin assumed power and oil prices began to rise.

3. Salary Cuts

As it has done so many times in its history, the Russian labor market adapts to hard times by cutting salaries and reducing the number of work hours rather than laying off workers. The unemployment rate, which was at 5.2 percent in November 2014, shrugged off a brief increase and has since returned to 5.2 percent in September.

4. Goodbye Travel

With dwindling incomes, consumers have cut back on expensive shopping habits. They travel less abroad and have switched to Russian food brands. A ban on certain imports slapped on top of a weaker ruble means coveted foreign goods are off limits. 

5. Oil Exporters

Russia's key oil producers have benefited from the weakening currency thanks to the tax system and the fact their costs are mainly in rubles and their revenue is in foreign currencies. It's helped counter their losses from the slump in crude. The government is now considering a windfall tax on oil and gas companies for next year, which would limit oil exporters' benefits from the ruble’s devaluation.

- With assistance from Dina Khrennikova and Evgenia Pismennaya.

    Current date/time is Tue 23 Jan 2018, 1:48 am