WORLD IN BRIEF : SOVIET UNION : Moscow to Establish Currency Markets
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The Soviet Union took an important step toward integrating its economy with the industrialized nations of the West, announcing that it will set up markets to buy and sell the ruble against other currencies. The exchanges are to open at the beginning of 1991. The unexpected measure appears to be a cautious first step toward convertibility of the ruble, a goal that even economists closely associated with the government have said is unlikely to be achieved before the mid-1990s at the earliest.
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