A History of the Ruble in Three Acts

The newly-strong, soon to be restriction-free ruble 

(see Note Book, page 7) has traveled a long and difficult road over the past decade and a half. 

Figures in green or white are rubles to the dollar.

I: The Cost of Freedom (1992-7)

After the ruble is set free, it flies away, unfortunately however, its trajectory is a nose-dive coupled with inflation and a whole host of economic fumbles that lead to shortages, strikes, political unrest and frequent changes in the premiership. By 1996, the ruble has been more or less stabilized – Russia gets comfortable with its financial crisis.

II: The Lower Depths (1998-9)

The financial crisis hits the fan in August 1998, leading to a devaluation of the ruble and the second mass extinction of Russians’ savings in the past decade. By the end of 1999, the Yeltsin administration is completely discredited and the ruble is near as low as it will go.

III: Firebird Rising? (2000-Present)

The ruble continues a steady decline, alongside a world economic recession from 2000-2003, then, augmented by rising world oil prices, it begins a steady climb up to convertibility.