World : Soviets to Devalue Ruble by 50%
The Soviet government has decided to devalue the ruble by 50% on some foreign trade deals in 1990, and to allow Western capitalist companies to operate almost independently on Soviet soil, economic journals reported today.
The ruble appears to be set for a slide from $1.60 to 80 cents, dramatically cutting the price of Soviet goods to foreign buyers. The changes are designed to encourage foreign firms to build factories that will ease the Soviet Union’s extreme shortage of consumer goods and medical supplies, according to a policy statement from the Council of Ministers.
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