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.

Strategies & Market Trends : Investment in Russia and Eastern Europe -- Ignore unavailable to you. Want to Upgrade?

To: P.T.Burnem who wrote (618)	9/4/1998 6:11:00 PM
From: P.T.Burnem	Respond to of 1301

"Foreign currency accounts in Russian "banks" will be frozen. All withdrawals will have to be made in rubles at confiscatory foreign exchange rates." The Central Bank had ordered the six banks on Wednesday to close their branches temporarily and transfer all personal accounts to the national savings bank, Sberbank, where deposits are fully guaranteed by the government. It said depositors would regain access to their money no later than Nov. 15, but that they could only withdraw rubles, not foreign currency, and at the unfavorable exchange rate of 9.33 rubles to the dollar. He..he..he.. The more things change in Russia, the more they remain the same. A government by the thieves, for the thieves. Still to come: expropriation of the Russian exporters' hard currency assets. PTB