publication . Article . 1993

Foreign Exchange Markets in Russia: Understanding the Reforms

Linda S. Goldberg;
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  • Published: 01 Jan 1993 Journal: Staff Papers - International Monetary Fund, volume 40, page 852 (issn: 0020-8027, Copyright policy)
  • Publisher: Springer Nature
Abstract
This paper analyzes and interprets the changes that took place in Russia's exchange rate system during 1992. The multiple exchange rate regime that existed in Russia prior to July 3, 1992, created strong incentives for exporters to refrain from repatriating foreign exchange earnings, induced both importers and exporters to participate in unofficial markets for foreign exchange, and encouraged international barter transactions. Efforts to manage the exchange rate through heavy foreign exchange intervention were unsuccessful. The July 3, 1992, unification of the multiple exchange rate system provides important and general lessons for rectifying undesirable conditi...
Subjects
free text keywords: Foreign exchange risk, Sterilization (economics), Exchange-rate regime, Barter, Business, International economics, Foreign exchange market, Interest rate parity, Balance of payments, Exchange rate, jel:F3, jel:F4, jel:N2, jel:P5
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publication . Article . 1993

Foreign Exchange Markets in Russia: Understanding the Reforms

Linda S. Goldberg;