Latvia awaits terms of Russian bond conversion

  • 1998-08-27
  • Sandra L. Medearis
RIGA - While Russian neighbors 300 kilometers to the east of Riga found their currency cut by a third and prices rising, Latvian business and banking shrugged off any serious damage to Latvia's economy, but said that time will tell. After blowing $4.8 billion from the International Monetary Fund to prop up the ruble, Russia announced on Aug. 17 a floating exchange rate of 6 to 9.5 rubles per dollar. Russia also declared defaults on government debts, slapping a moratorium on payments by banks and corporations to foreign corporations. Russian President Boris Yeltsin's sacking Prime Minister ...
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