Job Discussion Forums

[teacher X]

I'm predicting 80 rubles to £1 by Christmas.

This brings up the question, "Is it even worth working in Russia when the currency is as worthless as in some central African nation?"

Once inflation starts to fly up and the ruble devalues to the point where the it's not even worth the paper it's printed on, why would any teachers come here?

Personally, I love Russia. I didn't come here for the money, I came here for the Russia! But even I am starting to have my doubts about staying here long term.

Teachers wages certainly wont rise. If anything, they'll fall.
We all know how companies work in Russia (or don't work). Currently there is a shortage of (competent) teachers, yet even that hasn't encouraged the McSkools to offer better packages. If anything, I am seeing a drop in salaries and offers of housing.

For teachers with families or other Russian based investments, none of this will really matter. But for others, this is becoming a major problem.

The government has been talking about diversifying their economy for the past 10 years. I wonder if this new crisis will encourage them to do more than just 'talk'. One trick ponies tend to end up as glue when their trick is no longer useful.

[maruss]

If it does reach 80 to the $ then I fear big problems there.......in effect it means peoples savings in r. will have been massively devalued,just as they were in 1998 when the financial crisis struck but I doubt if todays regime would allow that to happen again?Also don't forget that a weak rouble means more earnings from exports and also more taxes being collected so there are gains as well as losses, if you see can it from that angle!
Russian people have learned to be shrewd from past experiences and this is why so much money is stored secretly by them at home in hard currencies rather than in banks....
As I have often said,living there means getting used to uncertainty and situations like this and also perhaps helps to explain many of the strange things about the place for outsiders,e.g. the rampant and often seemingly reckless consumerism which is apparent in Moscow and other big cities?Better to buy it today because we might not afford it tomorrow etc!
Always remember that people like us have the option to leave if things get really bad while most of the local people don't!Imagine how people would re-act at home if the pound sterling dropped against the $ or Euro by around 50% over just a few months??-George Osbourne and probably even Cameron would have been out of office by now!
But this is Russia and not just another part of western Europe a bit further east than Berlin and Warsaw and is further proof that we should always have that in mind?

[Foma87]

The ruble should be at around 40 against the $ given oil prices, but because of the political situation it's hovered around 45-50. I don't know about the euro, but 80 by Christmas seems very pessimistic. It's unlikely that a new round of sanctions will hit Russia and this spring the Euro Commission might get rid of them altogether, which would help matters. Moreover, the fall of the Ruble against the dollar/euro (about 25%) doesn't reflect living conditions in Russia itself. The cost of living here hasn't gone up 25%, for example -- costs for public transportation is the same, same as train/plane tickets, rent is the same (at least for me), food prices up a bit, gas prices down. So it's difficult to say. I'm certainly not optimistic, but let's wait and see...

[jpvanderwerf2001]

Note: Teacher X wrote 80 rubles to one *pound*, not USD.
I predict, however, that 50+ rubles to the USD is a distinct possibility before the New Year.
Unless one has ties to Russia -- started a family, investments in rubles, etc. -- I certainly wouldn't go back there in this environment.

[teacher X]

Now, I'm no economist, but the fact that Russians are panic buying dollars appears to also be something which would damage the ruble.
How can a currency keep strength when it's own people don't want to use it.

A friend of mine (who is an economist) said that this frantic dollar purchasing will only strengthen the dollar against the ruble. So Russians are only worsening their own situation. Silly rabbits.

On another note, I just bought some Russian made Edam cheese and it's damn awful. Lift the sanctions on cheese! Russian cheese is made of pig vomit.

[Sashadroogie]

Hmmm. Is your friend a real economist or an accountant? 'Tis a false friend. They also think 'accountant' means 'bookkeeper'.

[Sashadroogie]

I strongly advise people to invest heavily in vodka and caviar. Always a safe bet for spending your money wisely.

[kirby42]

[teacher X]

[Sashadroogie]

Pah! The decadent West is on its knees! Don't be fooled by all this currency tomfoolery. Just the work of speculators and foreign wreckers. They shall all be crushed!

[teacher X]

Sasha, your posts seem to be even more zealous that usual. Are you back on the vodka drip?

[Sashadroogie]

The Revolution never sleeps, teacher x. And neither does my zeal.

Can't wait for the capitalist coin chains to be rent asunder!

Join me, comrade, in toasting the ushering in of glorious triumph!

[maruss]

He was nasty ex-KGB guy from Archangel by Robert Harris!He would be rubbing his fingers in delight at what is happening in Russia now!

[GotoRussia]

If the ruble keeps dropping at current rates, teachers would have earned more 10 years ago than today, factoring the exchange!

You guys seeing a mass exodus of teachers and expats due to the rate?

I am reconsidering heading back to the motherland for work. Basically I'd earn more at a real Mcdonalds than at a McSchool!!!!

[Sashadroogie]

This might be true if you base your projected earnings on McSchool rates. But the money was never to be had at any point...