Jan 23, 2009

Dude, Where’s My Ruble? (Part II)

Finally, some good news for the Kremlin. Prime Minister Putin's on-going effort to make the ruble an international reserve currency has become so successful, Russian real estate companies and car dealers are no longer bothering to price goods in rubles. Instead, companies are listing prices in "conditional units" -- otherwise known as U.S. dollars, the "other" international reserve currency.

Meanwhile, the Russian Central Bank said on Thursday that it was "finished" devaluing the ruble, and asked everyone to stop using ruble notes to line bird cages, or as cool-looking wrapping paper for small birthday presents.

Ok, very small presents.

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