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Devaluation: a crisis or no big deal?

Jul 01, 1999
By Diana Kudayarova

Rumors surrounding devaluation are spreading. Not surprisingly – when the governor of the country's central bank declares such a possibility and the prime minister says the opposite and advises the banker to stick to his own business (which does, by the way, include the exchange rate policy), the situation is bound to raise questions. And the scary word 'devaluation' begins to take root in people's minds.It is indeed a scary word. As Olga Pavuk wrote in her recent article in the Russian-language ...

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