Hardly have the Russians had time to overcome the preceding fall of the American currency, as they have already been promised another. UVS bank is predicting a continuous fall in the rate of the US dollar, this time considerably more significant, reaching a rate of 24,00 rubles. The current value of the dollar in Russia is about 27 rubles. In fact, according to UVS’s calculations, this will not occur until the end of next year, but for those who keep dollar accounts or receive their wages in dollars this is no comfort. Taking into account inflation/">inflation, over the course of half a year, they will lose over 20%.
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The dollar rate has been falling almost continuously for three years and during this time, it has dropped over 15%. At the beginning of 2003, the rate was 31.88 rubles to the dollar, whilst the latest official rate of exchange, fixed last Wednesday by Russia's Central Bank, was 27.03 rubles. Bearing in mind inflation, which in recent years has not dropped below 10%, the dollar economy has depreciated by almost twice its value since 2003. If one compares the income of two employees working for different companies, one of whom received a salary of 1000 rubles in 2003, and the other the equivalent in rubles, it can be calculated that, taking into account inflation, the first employee’s salary has now decreased by up to 550 dollars, whilst the second, also bearing in mind the rise in prices and without indexation, now receives a salary worth approximately 830 dollars. The difference is striking. For this reason, many Russian companies are now starting to pay their employees in roubles. In the eyes of the management, this improves employees’ motivation and reduces the outflow of qualified personnel.
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