Stabilize Reform Along With The Ruble
Of the steps taken by the Group of Seven nations at their London conference, the most important may well be their tentative acceptance of a role for the International Monetary Fund in setting up a mechanism to stabilize the ruble and make it convertible into foreign currencies. Although the Soviets have introduced limited convertibility by holding currency auctions--which have put the ruble's real value at roughly 2~ rather than the official exchange rate of $1.70--a freely convertible ruble is the sine qua non for true Soviet economic reform.
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