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: P.T.Burnem who wrote (652)	9/9/1998 9:04:00 PM
From: Rob Shilling	Read Replies (2) of 1301

<A ruble is worth ~4.5c.> Tell that to Russians on the street trying to buy stuff. A lot of the exchange booths ran out of rubles. The central bank has already set the ruble rate for Thursday at 15.5 (6.4 cents) or so. Also I see a foreign account surplus. Oil companies like LUKOIL are increasing oil production and oil prices are rising (another good API report came out today after the market closed). Imports are falling. They are off 30% just in August. They will probably be off even more in September. Add to that that currency controls have been put on the oil companies where they have to pay the government their taxes in dollars to help bolster hard currency reserves. Other miscellaneous controls have been added too. Could we be seeing the end of the panic phase and the beginning of the stabilization phase for the ruble ??? Maybe, but you will never hear it from the western media.

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