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. Last Updated: 07/27/2016

07/20/1993

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Stable Ruble: A Safe Bet?

A professor of economics from St. Petersburg on Monday took Finance Minister Boris Fyodorov's bet on the stability of the ruble and doubled the stake to 100, 000 rubles ($100), predicting the ruble's fall to 1, 500 to the dollar by Sept. 1. Fyodorov said last week that he was ""ready to bet everyone 50, 000 rubles"" that the ruble would stay at a rate of around 1, 000 to the dollar until Sept. 1. ""A person in such a high post should be more careful in his statements"", Professor Boris Sabanti of St. Petersburg's Economy and Finance University said in a telephone interview Monday. Fyodorov, who is on vacation until the end of the month, was not available for comment. But his press secretary, Olga Leonova said Sabanti was not the first to take up the challenge. She said that Grigory Tsitrinyak, a journalist with Literaturnaya Gazeta, had bet Fyodorov $50 that the ruble would not remain steady until Sept. 1 and that a Ukrainian man reportedly offered 1 million karbovanets ($250) through the radio station Radioroks.
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