Why Russia has put the rouble on a gold standard – but it's unlikely to last
- Written by Alexander Mihailov, Associate Professor in Economics, University of Reading
The Bank of Russia, the country’s central bank, has surprisingly announced a fixed price for buying gold with roubles. With a price of RUB5,000 (£45.12) for a gram of gold, to my knowledge it’s the first time that a nation’s currency has been expressed in “gold parity” since Switzerland decided to stop doing so...