The Almighty Ruble

The Almighty Ruble



Business / World Business
The Almighty Ruble
By ANDREW E. KRAMER
Published: August 8, 2007
Lifted by high oil prices and a wave of foreign investment, the once humble ruble is showing its muscle, and fueling a consumer boom.

Excerpt:

After gaining 20 percent in value against the dollar in the last few years, the ruble is even starting to displace the greenback as Russians’ currency of choice for both saving and spending.

As the ruble increases in value — not just against the dollar, but against brawnier currencies, too, like the euro — imported goods are becoming cheaper for Russian consumers. Now ruble notes, once handed over by the fistful for a loaf of bread, are being used to purchase Mercedeses, flat-screen televisions and European beach vacations.


Comments: Image from the Central Bank of Russia. Even with a degree in Economics, I still find foreign exchange mysterious!