Chechnya: Where The Dollar Is Still King

**RedArmyFaction** · 02-11-2008, 20:53

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 A man stands in a corner of a bustling market in Grozny, Chechnya's capital city. He is holding a thick wad of banknotes and waves them slowly, like a fan. Another man approaches him. "What's the rate for dollars?" he asks.

The man waving the cash gives him exchange rates for the dollar and for the euro, which these days has been faring better than its U.S. counterpart. A dollar will buy 24.50 rubles, he says; a euro, 36.

"Has it dropped?" the would-be customer asks, surprised by the dollar's poor performance. "Its rate fell worldwide," the currency dealer answers matter-of-factly.

Such scenes are a staple of everyday life in Chechnya. Throughout the North Caucasus republic, dozens of currency traders stand at markets and on roadsides, waving fistfuls of banknotes to attract customers. A popular joke in Grozny holds that the surfeit of currency traders, waving their bills, explains the city's windy climate.

**ACE** · 02-12-2008, 11:13

Wow, when Chechen refugees are selling their dollars, things are bad. Damn that Berancke

**DickP** · 02-14-2008, 21:53

this is actually pretty sad, but understandable, the world is changing

**FxLoeb** · 02-16-2008, 16:17

Are we really going to be worried about what Chechen peasants trading in dollars for euros?

**BigE** · 09-10-2008, 16:45

The dollar is resilliant, Euro Strength is overstated, we'll see what gives

**DickP** · 12-31-2009, 07:37

Originally Posted by BigE

The dollar is resilliant, Euro Strength is overstated, we'll see what gives

I do believe the Euro is good for another run up in 2010

**Mike** · 01-07-2010, 04:47

Chechnya is just a really messed up place, think of Iraq but 10 times the devestation due to the indiscriminate bombing and military operations against rebels and civilians.