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. Last Updated: 07/27/2016

07/29/1993

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Ruble Stabilizes After Reform Turmoil

The exchange rates offered by commercial banks and street traders for cash rubles rose Wednesday, coming back into line with official trade on the Moscow Interbank Currency Exchange (MICEX) Wednesday, where the ruble continued to firm, rising to 992 to the dollar. Commercial banks which hiked their rates to 1, 500 and even 2, 000 per dollar on Saturday after the shock currency reform said Wednesday that they were reducing their rates to move back closer to the official exchange rate. Most said they were changing cash at the rate of about 1, 000 rubles to the dollar, back to last week's level. This followed gradual reductions on Monday and Tuesday. Traders said that the reason for the jump on Saturday had been the fact that people were willing to sell their old rubles at any price for fear of not being able to exchange them for new ones.
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