MOSCOW MOVES TO STABILIZE RUBLE EXCHANGE RATE.

The Russiangovernment and its central bank will use some $10 billion in hardcurrency reserves to stabilize the ruble-dollar exchange ratein a range between 4300 and 4900 rubles to the dollar until October1, Russian media reported July 5.

While many commentators suggested that Moscow would be unableto maintain such a rate, and others noted that a fixed rate mighthelp importers but would undermine exporters, finance ministerVladimir Panskov put his job on the line: he said he would resignif the measure–blessed by the IMF–doesn’t work. On the sameday, and in a comment on the way in which Russian financial arrangementsare developing, Izvestiya noted that the exchange rateis very much affected by political crises in the country, butthat the stock market appears to be insulated from such shocks.

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