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: baystock who wrote (450)	8/17/1998 12:55:00 PM
From: Real Man	of 1301

They did not pay salaries to state workers for quite some time, which has led to unrest among the population. An ordinary Russian often gets $200 per month or even lower (up from $20-$30 in 1991). The situation got very depressing - and they had to make this choice. This is good news for the Russian oil sector. The fear itself could be worse than lack of credibility. They announced gradual depreciation - wowed to get the rouble down not more than 9.5 to the dollar by the year end. The ruble used to be somewhat overvalued, they had to devalue, but do it gradually. We'll see what happens.

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