What Is the Exchange Rate Between Pounds, Rubles, and Dollars?

A pound of rubles = a dollar. A joke from the 1990s, as I recall, which came to mind because of the ruble's recent slide. (To be fair, the ruble was worth much less then than now; according to Wikipedia, "The ruble's exchange rate versus the U.S. dollar depreciated significantly from $1 = 125 RUR in January 1992 to approximately $1 = 6,000 RUR when the currency was redenominated in 1998.")

Comments

[Á àß äẞç ãþÇđ âÞ¢Đæ ǎB€Ðëf ảhf]

To be honest, I hadn't even realized the ruble is exchangeable. Figured it had some official overvalued rate, if any.

[Armchair Lawyer]

In Soviet Russia, Rubles exchange you!

[David Bremer]

I saw someone on Reddit point out that, given the Ukrainians' defense, every meme using that "Mother Russia" bit where things are tough should from henceforth start "Back in Ukraine...."

[John F. Carr]

Putin has ordered Russians not to exchange their rubles for real money. Le Monde reports: "Il est désormais interdit pour tous les résidents en Russie de transférer des devises à l’étranger. Les exportateurs russes sont également sommés de convertir en roubles 80 % de leurs revenus en devises étrangères gagnées depuis le 1er janvier."

[M L]

It appears the Russian government ordered Russian exporting companies to sell 80% of foreign currency revenues as they come in (not reserves or anything yet).

[M L]

The order to exporting companies is to sell forex revenues received since 1/1/22, according to this. https://www.fxempire.com/news/article/putin-bans-forex-transfers-to-outside-russia-from-march-1-916410

Also banning outgoing forex transfers starting tomorrow.

[dwb68]

Putin has ordered capital controls and blocked debt service payments to non-residents of Russia.

Any takers for rubles at 2 lbs?

[Á àß äẞç ãþÇđ âÞ¢Đæ ǎB€Ðëf ảhf]

Wonder what it is in troy ounces.

[mydisplayname]

Yes... but a pound of gold is far more valuable than a pound of dollars. Over the past 11 years, Russia has carefully increased its chest of fully-fungible assets (gold, oil, etc.) and can easily trade such assets, if necessary on the so-called "black" markets: Russian military efforts rely very little on the full faith and credit of the United States, our fiat currency, or the banking system of any other sovereign nation.

Reserves of Foreign Exchange and Gold is an indicator of a nation's ability to repay foreign obligations (namely debt) while also continuing to support, and strengthen, their domestic economy. See https://www.globalfirepower.com/reserves-of-foreign-exchange-and-gold.php for a comparison of Russia (#6) and the US (#19).

[Á àß äẞç ãþÇđ âÞ¢Đæ ǎB€Ðëf ảhf]

What will Russia barter those fungible goods for? How many companies are interested in trading electronics for oil, or even gold, and all the bureaucratic mess that goes with it?

These are big businesses, not individual Han Solo traders paying a quick visit for some underground economy pay day.

[John F. Carr]

China... and maybe some irrelevant countries, but mostly China.

[KeithK]

Time for pedantry. One US bill weighs one gram. So you're right that a pound of dollar bills - $454 - is worth much less than a pound of gold ($22670 for 12 troy ounces). But a Benjamin is worth about twice its weight in gold; the spot price for a one gram of gold is sitting at $61.70 right now. (Not sure why there's such a difference between the price I pulled up for gold by the ounce and gold by the gram.)

[darkknight9]

Was there ever a time when the dollar and the ruble were close to or equal to 1:1 ?

[3ducerist]

70's to the 90's it was in good shape.

https://www.rbth.com/business/332176-history-russian-ruble

[Eugene Volokh]

I believe that during the Soviet era, including the late Soviet era, rubles weren't actually exchangeable for dollars at the official rate.

[3ducerist]

You're probably right, I am not very versed in those times of Russian history.