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Troubled former Soviet republics may face further currency turmoil

Azerbaijan's Port Baku at sunrise   © Getty Images

Weak commodity prices caused by the ending of the U.S. Federal Reserve's quantitative easing program and China's economic slowdown are dramatically reshaping emerging markets. For the former republics of the Soviet Union, forced to adjust to rising expenses and falling revenues, the only sustainable strategy has proven to be abandoning or weakening their currency pegs. More upheavals may be in store, however, unless oil prices recover strongly.

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