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To: MichaelW who wrote (58530)	8/17/1998 8:44:00 AM
From: Mohan Marette	Respond to of 176387

<--OT-->Russia effectively devalues the Ruble. Michael: In case you didn't already know.Russia is floating the ruble -- in effect, a devaluation. Russia effectively devalues the ruble Compiled by CBS MarketWatch Last Update: 7:50 AM ET Aug 17, 1998 MOSCOW (CBS.MW) -- Russia has announced on Monday an almost 34 percent devaluation of the ruble and also announced a forced restructuring of domestic debt. The ruble's devaluation had been expected for some time, the Journal reports. It was expected to lead to the collapse of many Russian commercial banks, which are overdependent on devalued-ruble assets. However, the government and central bank said they would pool the resources of leading banks to limit the damage. They also proposed legislation to strengthen controls over Russian financial markets in an effort to halt further capital flight..