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Category > Business & Finance Posted 22 Jul 2017 My Price 8.00

Devaluation of the Russian Ruble Russia's currency,

Devaluation of the Russian Ruble Russia's currency, the ruble, is a managed float. The Central Bank of Russia announces an official exchange rate each day, along with rates at which it is willing to buy and sell. Prior to Monday, August 17, 1998, the ruble had been pegged to trade between 1th5.2700/$ and Rb7.1300/$. On August 17, 1998, new exchange rate limits of Rb6.0000/$ to Rb9.5000/$ were set. Actual rates were:

Friday August 14, 1998: Rb6.35001$

Friday August 28, 1998: Rb11.0000/$

Friday August 27, 1999: Rb24.55801$

a. By what percent did the ruble devalue against the dollar in the two weeks from August 14, 1998, to August 28, 1998?

b. By what percent did the ruble devalue against the dollar on the year from August 28, 1998, to August 27, 1999?

C. How did this affect the personal wealth of a Russian citizen who kept his or her wealth in rubles versus dollars?

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Status NEW Posted 22 Jul 2017 12:07 PM My Price 8.00

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