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,"
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