(18 Aug 1998) T/I: 10:44:02
The value of the Russian ruble dropped sharply on Moscow's Inter-Currency Exchange on Tuesday morning (18/8), reacting badly to Monday's central bank and government decision to end its defence of the ruble and let it drift against the dollar. On Tuesday morning it stood at 6.8850 rubles to one US dollar against Monday's closing 6.4300. Ruble developments dominated the headlines in Russia's morning newspapers. The opposition parties in parliament seized the monetary policy turnaround to renew demands for President Boris Yeltsin's resignation.
SHOWS:
MOSCOW, RUSSIA - 18/08
VS Moscow International Currency Exchange (MICEX);
SOT (in English) with Charlie Ryan, United Financial Group, saying: "The government right now has a little free time, only because a lot of Russians are on vacation, August being a big month for vacations. But in the next one or two weeks we will know whether or not foreign investors are happy with the terms of GKO restructuring, short term debt restructuring. And, subsequently, we will know whether or not the government has a political will and the financial resources to keep the population calm about the falling, devalued ruble.";
VS people buying newspapers;
CU newspaper;
SOT (in Russian) with Svetlana Petrova, shopper, saying: "The situation in our country is very difficult and unpredictable now. It's a hopeless situation, we've lost our belief in anything. Most of the people have lost their belief, it is very dangerous.";
WS exterior foreign money exchange showing dollar to ruble rate
CU rate;
WS communist party chief Gennady Zyuganov entering press conference;
CA press;
SOT (in Russian) with Zyuganov, saying: "We propose the upper house and Duma overhaul the entire government structure, starting with Yeltsin's resignation and introducing amendments to the Constitution and establishing control over the executive branch at all levels.";
WS press;
2.04
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