Word: rublee
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But the hard-liners and Communists that dominate the lower house, unhappy with Yeltsin?s presidency and loath to impose new taxes on Russians who already wait months for their paychecks, can?t be counted on to hurry on their president?s behalf. Meanwhile, Yeltsin, who has been courting French...
"The IMF doesn't have much more than $15 billion left," says TIME business reporter Bernard Baumohl. "It knows that that kind of money would just be a temporary stopgap to support the ruble and pay some wages -- to buy some time." For Russia to have a chance at recovery...
Now foreign investors, burned by losses in Asia, are taking their money and heading for the exits. Trying desperately to hold on to them and avoid devaluing the ruble, the central bank last week upped its interest rate to 150%. Some experts are talking about a meltdown, but it's...
The central bank's reserves have dwindled to about $14 billion, and the Kremlin's great fear is that it will have to devalue the ruble. That would cruelly increase prices for ordinary Russian citizens, cause social and political upheaval and dash Yeltsin's hopes for his legacy as a...
The diplomatic storm raised by the incident might not be of primary concern to Lukashenko. TIME correspondent Yuri Zarakovich reports that the authoritarian president has restored a Soviet-style command economy, and last April responded to a fall in the Belarus ruble by firing and jailing dozens of officials. With...