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May 16, 2005
Great News - Russian Ruble is Falling

One of the major positive news in Russia today is that American dollar gained in price. It’s a happy news to see the Russian ruble devaluating, because many people are getting their salaries “under the table” in American dollars - cash.

Jobs paid under the table range from construction workers and school teachers to presidents and executives of profit and non-profit organizations. Not to mention the bribe market, where euros are still chasing U.S. dollars as the preferred hard currency.

Salaries in Russia are usually paid on a monthly basis. The flat tax of 13% is withheld from the official Rubles salary, which is about 10-15% of the real one; the rest comes in a plain postage envelope. Russians and Russian ATM’s prefer freshly printed hundred dollar bills. Currency exchange businesses may refuse to serve you, if the bills are too small or too old (used).

Today in Moscow you can get 28 rubles for one American dollar.



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Dotted Divider Line

Russia Blog presents up-to-date news, facts and commentary on the state of events in Russia and the former Soviet Union. The blog is managed by Yuri Mamchur, Director of Discovery Institute's Real Russia Project, a member of MBA class 2011 at Vanderbilt University's Owen Graduate School of Management, and a composer in his spare time.


 






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