Abstract
When the fifteen Soviet successor states joined the IMF in 1992, the most pressing monetary question was whether to retain the ruble or to issue national currencies. IMF officials have argued that the IMF's role was to present the arguments for and against alternative arrangements. This is not how policymakers in the new independent countries and other observers perceived the IMF's position. In 1992, the IMF was seen as advocating retention of the ruble zone, although its position changed and in 1993 it supported introduction of new national currencies. This paper analyses why the IMF adopted a position, and discusses some of the consequences.
Similar content being viewed by others
Author information
Authors and Affiliations
Rights and permissions
About this article
Cite this article
Pomfret, R. The IMF and the Ruble Zone. Comp Econ Stud 44, 37–47 (2002). https://doi.org/10.1057/ces.2002.17
Published:
Issue Date:
DOI: https://doi.org/10.1057/ces.2002.17