ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

Dollar tightens grip in region as ruble collapses

 (placeholder image)
A saleswoman counts coins at the Green Bazaar in Almaty, Kazakhstan. Locals have lost confidence in the tenge.   © Reuters

ALMATY, Kazakhstan -- A combination of falling oil prices and the collapse of the Russian ruble has triggered a crisis of confidence in Central Asian currencies. Throughout the region, central banks have grown increasingly inept at reining in mounting concerns, and locals are rushing to convert their savings into dollars, further weaking the domestic currencies and turning their fear into a self-fulfilling prophecy.

 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more