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To: jbn3 who wrote (62424)8/31/1998 12:31:00 PM
From: Mohan Marette  Read Replies (1) of 176387
 
<--OT-->Burgernomics from The Economist.

Bachman:
Here is an interesting perspective on Russian Ruble.

When the price of a Moscow Big Mac goes up, you know the ruble's in trouble.

August 31, 1998: 11:36 a.m. ET



MOSCOW (Reuters) - Another closely watched economic statistic in Russia showed Monday that the ruble is indeed in crisis as the Big Mac Index offered a clear picture of the currency's troubles.

McDonald's restaurants in Moscow, which had maintained a price of 13 rubles for a Big Mac even as the currency's value against the U.S. dollar evaporated last week, have hiked the cost of their trademark burger to 15.50 rubles.

The Economist, a serious-minded British weekly magazine, periodically tracks the price of the Big Mac worldwide as a way of comparing the exchange rates of different currencies. It has dubbed the theory behind the project "burgernomics."

But the news isn't so bad for those with dollars -- and there are more of them in circulation than rubles these days. Although Russia's Big Mac hike was a clear sign of mounting ruble inflation, those with hard currency were still ahead.

Two weeks ago, the burger cost Muscovites the equivalent of more than $2. But at Monday's unofficial street rate of about 10 rubles to the dollar, a Big Mac now goes for only $1.55.



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