Russia’s War Turns Neighboring Currencies Into World’s Best
- Armenia’s dram has surged more than 20% this year vs dollar
- Russians fleeing mobilization unleashed billions in inflows
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The Russian exodus triggered by Vladimir Putin’s invasion of Ukraine has put the currencies of former Soviet republics at the top of global rankings this year.
Georgia and Armenia in the Caucasus mountains, as well as Tajikistan in Central Asia, are among the best performers against the US dollar after tens of thousands of Russian citizens settled there since February, bringing the equivalent of billions of dollars in savings with them.