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08/31/1998 15:20:55 Russia rbl-dlr trade to resume on Wed/Thurs-c.bank

MOSCOW, Aug 31 (Reuters) - Trade of the Russian rouble in

its main market, the Moscow Interbank Currency Exchange (MICEX),

will probably begin on Wednesday or Thursday with a new type of

fixing, a senior central banker said on Monday.

Alexander Potyomkin, deputy chairman of the central bank,

said that MICEX's governing board had agreed to institute a fix

based on trade on MICEX's electronic SELT system. The central

bank suspended trade on the main exchange last week.

"The exchange's board decided to establish a new mechanism

of 'electronic' fixing. I cannot name an exact date, but I think

that it will be launched either Wednesday or Thursday,"

Potyomkin said.

A daily rouble fix will be established with the new

mechanism during the first half of the day based on the results

of trading on the SELT system, the central banks said.

On Monday on the SELT <MMVBSELT> system the rouble was

traded at an average rate of 10.8376 to the dollar and was as

low as 13.00 roubles to the dollar.

In the absense of a MICEX rouble-dollar fix, the main rate

had been the the central bank's official rate, announced as

9.3301 for Tuesday, down from 7.9050 roubles to the dollar at

the weekend.

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