Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Real Man who wrote ()	5/15/1998 2:09:00 PM
From: Real Man	of 1301

MOSCOW, May 15 (UPI) -- Russia's Central bank says it will raise the key Lombard rate used to lend money to commercial banks from 30 to 36 percent for short money and from 36 to 40 percent for 30-day credit as of Monday. The bank says it is leaving the refinancing rate unchanged, but both the Russian bond market and the stock market fell as investors reacted to the news. Moscow blue chips lost more than two percent of their value Friday and are down 15 percent for the week, after postings four consecutive days of losses. Foreign investors' pullout from Russia is largely due to outside factors, such as the deteriorating situation in Indonesia and continuing declines in Asian markets in general, which are affecting emerging markets worldwide. Traders in Moscow say the market is now stabilizing after a week of bearish sessions, but the main RTS index still ended the day down 5.56 points to 258.10, or about 2.10 percent below Thursday's level. A trader with a leading western house in Moscow told United Press International: ''The bank's decision to keep the repo rate unchanged is a good sign, but if Indonesia goes down the entire market could get volatile again next week.

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