• ACI Russia

08/17/1998 12:22:51 Russia's new financial measures at a glance

Пост обновлен 19 авг. 2018 г.

MOSCOW, Aug 17 (Reuters) - Following are the main points of a Russian government and central bank statement issued on Monday, announcing a new exchange rate policy, state debt restructuring and restrictions on some foreign debt servicing.

* The rouble was allowed to float freely within the bounds of a new corridor expanded to 6.00/9.50 to the dollar from 5.27/7.13 previously. Analysts said this amounted to a devaluation, but Prime Minister Sergei Kiriyenko disagreed.

* A 90-day moratorium was declared on some foreign debt servicing. The measure did not affect state foreign debt and appeared to be restricted to commercial bank obligations.

* A conversion of GKO treasury bills and OFZ bonds into new debt instruments will be announced on Wednesday and trade in GKOs and OFZs will be suspended until the conversion is completed.

* Temporary restrictions on foreign exchange operations by residents of Russia, including a 90-day moratorium on payments on forward currency contracts.

* A ban on non-residents investing in rouble assets with maturities of less than a year. * Supporting the creation of a payments pool of Russia's biggest banks with the aim of supporting stability in interbank accounts.

* Government plans to issue short-term (one-week and two-week) securities and widen range of paper available for individuals.

* Parliament to consider legislation tightening control over capital flight. Government and central bank also to take urgent measures to combat this.

* State Duma (lower chamber of parliament) should hold special session by end of August to adopt key laws allowing for timely payment of wages and pensions to state employees, establishing procedures for rescuing problem banks and strengthening currency regulation. REUTERS 

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