On Saturday, the Central Bank of Russia signed the IMF’s Article 8 on currency convertibility, making the ruble fully convertible for foreign trade transactions. This means that Russia has undertaken not to impose restrictions on payments and transfers for foreign trade transactions, and not to operate multiple exchange rates. The Russian government hopes that this step will enable it to obtain cheaper foreign loans and greater foreign investment. It is the first time the ruble has been freely traded on world markets since the 1920s. However, tight restrictions still remain on capital transactions. (Interfax, BBC, June 1)
Yeltsin Hits Zyuganov’s Antecedents.