The day capitalism died in Russia
Article Abstract:
Russia is heading towards an inconvertible currency, following the central bank's cancellation of foreign currency trading and refusal to set a rouble exchange rate. Russia's role as a significant commodity supplier is blamed for the crisis, due to plummeting oil prices. Russia would not be eligible for International Monetary Fund loans if its currency becomes inconvertible.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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Markets face meltdown as Russian losses reach 70bn pounds sterling
Article Abstract:
Investors are though to have lost $114 billion in the Russian crisis, with Credit Suisse First Boston and George Soros among those suffering the largest losses. The crisis resulted in a 353.4 point plummet for the Dow index to 8,170.11, with the FTSE 100 crashing 176.9 points down to 5,368.5. Markets world-wide were affected by the crisis, with Brazil plunging over 7%.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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