Skip to comments.Ruble’s winning
Posted on 01/26/2007 1:07:35 AM PST by eastern
Within recent years the dollars 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 dollars 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 rubles 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 rubles rate. In 2006 it increased by 7.6%.
(Excerpt) Read more at russia-ic.com ...
The ruble should be "winning" - in Russia.
Russians like rubles - isn't that something??!
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).
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.
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.