Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Ruble’s winning
Russia-InfoCenter ^ | January 26, 2007 | Olga Pletneva

Posted on 01/26/2007 1:07:35 AM PST by eastern

“Within recent years the dollar’s prestige has dipped below its exchange rate”, affirm sociologists from the Public Opinion Fund. 1500 people living in 100 settlements of 44 regions of the country participated in the poll; the survey showed that the native ruble is 12.5 times more preferable than the American currency.

As long ago as 2002 every third respondent believed in the strong position the greenback occupied, but the number of dollar-worshippers reduced 7 times by December 2006. The ruble, at the same time, took the opposite path and doubled its admirers’ number: from 37 to 63%. This tendency is typical of both senior citizens, whose attitude to the dollar has always left a lot to be desired, and the youth, too. The vast majority of young Russians at the age of 18-35 stake on the ruble; only 8% of young respondents trust the American currency. No wonder, data provide by the Central Bank of Russia covered the disappointing situation common to all people, who have failed to get rid of dollar capital so far: the last year demonstrated the dollar’s fall in exchange of 9.6% against the ruble. Causes of such strengthening of the ruble are well-known, as the whole last year Russia was wallowing in petrodollars due to record prices on oil. Demand for rubles was growing, which resulted in their rate. It should be mentioned, that the Central Bank constantly observes the ruble’s rate against all currencies circulating in the countries-trading partners of the RF. The received data give basis for a particular index – the real effective ruble’s rate. In 2006 it increased by 7.6%.

(Excerpt) Read more at russia-ic.com ...


TOPICS: Business/Economy; Russia
KEYWORDS: exchange; rate; ruble; russia

1 posted on 01/26/2007 1:07:35 AM PST by eastern
[ Post Reply | Private Reply | View Replies]

To: eastern

The ruble should be "winning" - in Russia.


2 posted on 01/26/2007 1:23:11 AM PST by DB
[ Post Reply | Private Reply | To 1 | View Replies]

To: eastern

Russians like rubles - isn't that something??!


3 posted on 01/26/2007 3:38:43 AM PST by Ken522
[ Post Reply | Private Reply | To 1 | View Replies]

To: eastern

Had this been a survey of people from major world economies, this would have been unnerving. However, I bet if you asked Americans which currency they preferred, 95% of Americans would say the USD. (The remaining 5% are the self-hating Americans who see more value in everything outside the US).


4 posted on 01/26/2007 4:45:14 AM PST by GWB00 (Barbara Streisand barely made it out of high school.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: eastern
“Within recent years the dollar’s prestige has dipped below its exchange rate”, affirm sociologists from the Public Opinion Fund.

Ah yes, when I worked on Wall Street we always consulted sociologists on which exchange rates were going. No offense to you, but that was one stupid article.

5 posted on 01/26/2007 5:30:44 AM PST by Roy Tucker ("You can avoid reality, but you cannot avoid the consequences of avoiding reality"--Ayn Rand)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Roy Tucker
perhaps it may seem strange to the people living in other countries, but for over 15 years the dollar ruled the Russia. most part of cash was kept in dollars at home, not in a bank. it was our Russian hobby. when my parents were paid at work, they used to go to the exchange point and buy dollars. Fortunately, the situation has changed. it's not a good feeling to realize that your welfare totally depends on foreign currency.
6 posted on 01/30/2007 2:25:31 AM PST by eastern
[ Post Reply | Private Reply | To 5 | View Replies]

To: eastern

Maybe, but the ruble has done less well against the dollar than the euro or most other Western European currencies during the same time periodl.

I am happy for the Russian people that they have confidence in their own currency. That is indeed a good thing and perhaps it will lead to more money staying in the country than trying to find a way out.


7 posted on 01/31/2007 8:30:13 PM PST by Roy Tucker ("You can avoid reality, but you cannot avoid the consequences of avoiding reality"--Ayn Rand)
[ Post Reply | Private Reply | To 6 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson