RUSSIA ANNOUNCES 1998-2000 RUBLE EXCHANGE BAND.

The Russian government and Central Bank will maintain the rate of the redenominated ruble in 1998-2000 at around 6.2 to the dollar, the two bodies said in a joint statement today. (From January 1, 1998, a new ruble will be introduced, equivalent to 1,000 of today’s rubles.) The Central Bank will continue to set the exchange rate on a daily basis, ranging within 5.25 – 7.15 rubles to the dollar. Currency dealers will remain free to set their rates according to supply and demand. (Itar-Tass, November 10)

New Commission to Handle Russia’s Relations with Chechnya.