Chechnya

The Chechen Republic (Chechen: ??????? ??????????/Noxçiyn Respublika, Russian: ????????? ??????????), informal Chechnya (Chechen: ????????/Noxçiyçö/Nokhchiyno, Russian: ?????), sometimes incorrectly refered to as Ichkeria, Chechnia or Chechenia, is currently a constituent republic of the Russian Federation. Bordering Stavropol Krai to the northwest, the republic of Dagestan to the northeast and east, Georgia to the south, and the republics of Ingushetia and North Ossetia to the west, it is located in the Northern Caucasus mountains, in the Southern Federal District.

Economy

As of 2003

During the war, the Chechen economy fell apart. Gross domestic product, if reliably calculable, would be only a fraction of the prewar level. Problems with the Chechen economy had an effect on the federal Russian economy - a number of financial crimes in 1990s were committed using Chechen financial organizations. Chechnya has the highest ratio within Russian Federation of financial operations made in US Dollars to operations in Russian Roubles. There are many counterfeit US Dollars printed there. In 1994, the separatists planned to introduce a new currency, the Nahar, but that did not happen due to Russian troops re-taking Chechnya in the First Chechen War.

Related Topics:
Gross domestic product - Russian Federation - US Dollars - Russian Rouble - Counterfeit - Nahar - First Chechen War

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

As an effect of the war approximately 80% of economic potential of Chechnya was destroyed. The only branch of economy that has been rebuilt so far is the petroleum industry. The 2003 oil production was estimated at 1.5 million metric tons annually (or 30 thousand barrels) per day, down from a peak of 4 million metric tons annually in the 1980s. The 2003 production constituted approximately 0.6% of the total oil production in Russia. The level of unemployment is 76%. Despite economic improvements, smuggling and bartering are still occupations of a significant part of the population. Elements of the Russian army are also involved in smuggling.http://news.bbc.co.uk/2/hi/europe/4091635.stm

Related Topics:
Petroleum - 2003 - Barrels - 1980s - Unemployment - Smuggling - Bartering

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

According to the Russian government over 2 billion dollars were spent on the reconstruction of the Chechen economy since 2000. However, according to the Russian central economic control agency (Schyotnaya Palata), not more than 350 million dollars were spent as intended.

Related Topics:
Dollars - 2000

~ ~ ~ ~ ~ ~ ~ ~ ~ ~