Lining up to exchange Rubles for Dollars on Ulitsa Payatniskaya near the Kremlin in central Moscow, Russia
Muscovites line up outside of a Currency Exchange office in central Moscow in January of 1994 to exchange Russian Rubles for Dollars (USD). In 1992 the Russian Ruble could be exchanged for Dollars at a rate of 144 Rubles buying one USD, by 1994 the rate had dropped to almost 5,000 Rubles to one USD. Black Tuesday refers to the first economic event in 1994 when the ruble collapsed by 27 percent against the dollar causing huge inflation. The last Black Tuesday in Russia was in 2008 and many economists wonder what effect Western Sanctions on Russia after the annexation of the Crimea in 2014 and worsening relations between the EU and the United States will have on the Russian economy and the exchange rate of the Ruble to Western currency. Photo by Chuck Nacke
Size: 3652px × 5400px
Location: Exchange Office, Ulitsa Payatniskaya, Moscow, Russia
Photo credit: © Chuck Nacke / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: black, collapse, currency, dollars, economy, exchange, fund, gorbachev, hyperinflation, imf, inflation, international, kremlin, line, macroeconomic, market, monetary, moscow, policy, putin, queue, republic, restructuring, ruble, russia, russian, shock, soviet, stabilization, therapy, tuesday, union, usd, ussr, wait, yeltsin
