Inflation and monetary policy in CIS countries
"Macroeconomic stability has always been a serious challenge for CIS countries. In the first half of 1990s all of them experienced very high inflation or hyperinflation which originated from monetary and fiscal imbalances accumulated in the period of Gorbachev perestroika, messy way of dissolution of the ruble area, populist policies and sometimes also from violent conflicts. After the new national currencies were introduced in 1992-1993 and more effective anti-inflationary policies were launched in mid-1990s, inflation moderated to a low two-digit annual level. However, this progress did not receive sufficient fiscal policy support and most of currencies crashed heavily in the period of financialcrisis of 1998-1999..."
Read "Inflation and monetary policy in CIS countries" in the Baltic Rim Economies (p. 63-64)