• ACI Russia

08/25/1998 08:41:34 Russia MICEX suspends rouble/dlr trade

MOSCOW, Aug 25 (Reuters) - The Moscow Interbank Currency

Exchange (MICEX) said on Tuesday it had suspended trade in the

rouble/dollar market after the Russian currency fell more than

10 percent from Monday's fix of 7.1400 to the dollar.

A fall of 10 percent would imply a rouble exchange rate of

7.853 to the dollar, around the level where the Russian currency

was last quoted on MICEX. Outside MICEX, the rouble was quoted

at 7.800/8.300 for spot trade and 7.9500/8.3500 for

tomorrow/next day.

MICEX Deputy General Director Aleksei Mamontov told Reuters

that a suspension in trade can take place after the rouble

slides more than five percent.

"The demand (for dollars) is significantly higher than

offers," he added.

He said MICEX and the central bank had the right to annul

the results of a trading session, which would mean any

participant would be free of obligations taken to other traders

during the session.

((Patrick Lannin, Moscow Newsroom, +7095 941-8520



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