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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote (289)7/9/1998 8:04:00 AM
From: Rob Shilling  Read Replies (2) of 1301
 
Yeltsin talking about the rouble:

Thursday July 9, 5:57 am Eastern Time

Yeltsin says Russia has power, plan to hold rouble

MOSCOW, July 9 (Reuters) - President Boris Yeltsin said on Thursday that Russia would be able to save the battered rouble
from devaluation.

The government has ''the ability, the resources and a plan of action'' to hold the currency, Interfax news agency quoted him as
saying before meeting Justice Minister Pavel Krasheninnikov.

The rouble has been under increasing pressure over the last two months and rumours of impending devaluation have regularly
swept the market as central bank foreign currency reserves have fallen.

The government has submitted an anti-crisis plan to parliament which would raise new revenues and is negotiating a
multi-billion-dollar loan package with the International Monetary Fund and other lenders to back reserves.

But the central bank on Thursday said reserves had fallen to $15.1 billion on July 3, and traders say the bank has had to
intervene regularly and heavily in the foreign exchange market to support the currency.

Government and central bank officials have adamantly and consistently said they supported a strong rouble, which along with
low inflation are the best achievements of over six years of economic reforms, which still have not brought sustained growth.
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