What is Happening to the Ruble?

Author(s): Philip Hanson
Editor(s): Stephen Aris, Matthias Neumann, Robert Orttung, Jeronim Perovic, Heiko Pleines, Hans-Henning Schröder, Aglaya Snetkov
Series: Russian Analytical Digest (RAD)
Issue: 164
Pages: 2-5
Publisher(s): Center for Security Studies (CSS), ETH Zurich; Research Centre for East European Studies, University of Bremen; Institute for European, Russian and Eurasian Studies, George Washington University
Publication Year: 2015

The ruble has fallen dramatically against other currencies. The reasons for this drop and the major consequences are assessed. Near-term prospects are briefly considered. There are multiple causes and multiple consequences of the ruble's depreciation but the causal chain oil price-exchange rate-inflation stands out. The ruble will stabilise.

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