etx
Joined: 15 Apr 2004
Posts: 26
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 Posted: Fri Apr 21, 2006 8:59 am Post subject: Think Twice About Working in Russia Until Oil Prices Go Down |
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Most schools of course pay a salary pegged to a dollar rate -- for example, $700 worth of rubles plus a flat.
The dollar is now at new lows against the ruble -- from 32 rubles per dollar in 2003 to about 27 now.
And the bad news is, the central banks are keeping the rates artificially high to maximize ruble profits from barrels of oils sold priced in dollars. If left to the free market, the rate would probably be about 19 or 20, or so I am told by varoius students who work in banking.
All of my students who work in finance also warn me that the ruble will probably be floated sometime before the end of 2006, and that will mean anybody with a dollar salary is going to be suddenly hard up for money.
Naturally language schools started paying in dollars because of the threat of sudden redenomination of the ruble, but it remains to be seen what will happen to salaries if the dollar goes any lower.
English teachers just can't win, can they? |
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