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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: djane who wrote (324)7/14/1998 7:35:00 PM
From: Real Man   of 1301
 
Some more news - seems old, but they made it official.

Russia's hard currency reserves drop to 13.5 billion dollars


MOSCOW, July 14 (AFP) - Russia's gold and hard currency reserves
have been dwindling steadily through July and currently stand at
13.5 billion dollars, Central Bank chairman Sergei Dubinin said.
Dubinin was cited by Interfax news agency as saying that this
figure should be boosted Tuesday by 100-200 million dollars, and
that he hoped the downward trend would soon be turned around.
The central bank has spent billions of dollars in recent weeks
propping up the ruble, which has come under intense pressure in
recent months from a haemorrhage of capital from financial markets.
But analysts expect the pressure on the currency and the central
bank's reserves to ease now that the International Monetary Fund has
led a two-year bail-out package with 17.1 billion dollars of fresh
funds, boosting the amount of aid to be disbursed to Russia in 1998
and 1999 to 22.6 billion dollars.
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