Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Ahda who wrote (15948)	8/15/1998 10:10:00 PM
From: Alex	Respond to of 116998

Next week could prove pivotal for Russia. The financial sector will look to the Central Bank to unlock a system that basically froze up last week. Banks have ceased lending among themselves, fearful of doing anything lest a partner default or a devaluation drop on them. The Central Bank, meanwhile, has imposed currency trading limits on the banks in a bid to protect its foreign reserves. Something has to give. The lower house of parliament, the Duma, is under pressure to convene for a special session and consider several measures to help further cut the budget deficit. Despite Yeltsin's strong denial earlier in the day that Russia would devalue its currency, rumors took hold in New York currency trading Friday that a devaluation of the ruble was, indeed, planned for the weekend. The dollar rose to a one-month high against the deutsche mark on concern Russia will not meet its debt obligations, a move that could hurt Germany, Russia's biggest lender chicagotribune.com