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To: IngotWeTrust who wrote (16004)	8/17/1998 3:49:00 AM
From: Alex	Read Replies (1) \| Respond to of 116768

Russia announces sharp devaluation of ruble Copyright c 1998 Nando.net Copyright c 1998 The Associated Press MOSCOW (August 17, 1998 02:48 a.m. EDT nandotimes.com) -- After weeks of financial distress, Russia announced Monday a sharp devaluation of the shaky national currency, the ruble. The Central Bank lowered the minimum exchange rate from about 6.3 to the dollar to 9.5 to the dollar, effective immediately, the Interfax news agency reported. The government also imposed a 90-day moratorium on the payment of ruble-denominated foreign debt and a rescheduling of payments on government treasury bills. Central Bank chairman Sergei Dubinin said the government actions are designed to help Russian citizens and domestic producers. He said it would hurt "financial speculators" who have been fleeing Russian markets for months, Interfax said. Finance Minister Mikhail Zadornov said the devaluation would help the government pay out wages overdue for months and spur investment in Russian industry. A ruble devaluation has been widely rumored, in part because the government faces heavy debt payments in coming days and weeks. nando.net