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
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