Falling energy prices and the plunge in the Russian ruble are hitting currencies across the former Soviet states, with Belarus and Turkmenistan having already devalued this week and markets betting that Kazakhstan will follow soon.
Countries of the former Soviet Union have had their own currencies for two decades, but many still depend on Russia, both for trade and for money sent home from workers living there.
Those with their own energy exports that are least dependent on Moscow, like Azerbaijan and Kazakhstan, are seeing revenues hit by the same falling oil prices that wrecked the ruble after the Ukraine crisis threw …read more
Source: Voice of America
