Because of the rapid currency devaluation, MWSS' dollar-denominated debt service doubled. The economy was hit by currency devaluation. Internally, the empire faced hyperinflation caused by years of coinage devaluation. They too suffered from devaluation and hyperinflation. Along with a rapid devaluation of the ruble, inflation in Russia has greatly increased. The devaluation of the currency had an immediate effect. The situation was influenced by rumors of possible devaluation of the ruble. This led to the devaluation of national currencies and a decline in world trade. The currency underwent a 30% devaluation. Uruguayans became accustomed to the constant devaluation of their currency. Ilham Aliyev and his office was accused of the devaluation of Azerbaijan currency. Yet, the currency has experienced several periods of devaluation. They share the argument that such actions amount to protectionism and competitive devaluation. This was due to the devaluation of the Drachma in 1932. The response was the politically unpopular step of devaluation accompanied by liberalisation.