Comparative Economic Studies         Past Issues

The IMF and the Ruble Zone
Richard Pomfret, Adelaide University

    When the fifteen Soviet successor states joined the IMF in 1992, the most pressing monetary question was whether to retain the ruble or to issue national currencies.  IMF officials have argues that the IMF's role was to present the arguments for and against alternative arrangements.  This is not how policymakers in the new independent countries and other observers perceived the IMF's position.  In 1992, the IMF was seen as advocating retention of the ruble zone, although its position changed and in 1993 it supported introduction of new national currencies.  This paper analyses why the IMF adopted a position, and discusses some of the consequences. 

JEL Classification Numbers:  E52, F33, F42, P24

Keywords:  Monetary policy, ruble area, national currencies