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| Author: | Goldberg, L. |
| Title: | Foreign exchange markets in Russia |
| Journal: | Staff Papers
1993 : DEC, VOL. 40:4, p. 852-864 |
| Index terms: | FOREIGN EXCHANGE MARKET RUSSIA EARNINGS |
| Language: | eng |
| 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. |
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