Russia getting serious about the rouble? | beyondbrics

Russia getting serious about the rouble? | beyondbrics:

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Russia has picked a symbol for the rouble kitting out the five centuries old national currency with a contemporary new look to rival the US dollar ($), the British pound (£) and the Japanese yen (¥) . It’s time for traders to take the rouble more seriously.

Hit by hyperinflation in the chaotic early 1990s and then by repeated devaluations, Russia’s rouble has become associated with trouble since the Soviet Union collapsed.

The new symbol launched on the Russian central bank’s website this week is supposed to change that and present a more positive image.

Based on the cyrillic letter “P” (which sounds like a Latin “R”) with a horizontal line superimposed on the stem, the new symbol is designed to “give an impression of the stability of the Russian currency,” according to the central bank.

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