By 1.08. 1998, there was nearly $12.5 billion in debt, unpaid to Russian workers.
Russian Central Bank is diminishing the ruble and defaulting on its debt. But On 14.08. 1998, the exchange rate, the Russian rubble, to the US dollar, was nonetheless 6.29. Despite the bailout, July 1998, monthly interest payments on Russia’s debt rose to a figure 40 % greater than its monthly tax collections.
- The Russian financial crisis
1998 RUSSIAN ECONOMIC CRISIS STOCK VIDEO, Hit Russia on 17 August 1998
- The Russian authority default
- Central Bank devaluing the ruble and defaulting on its debt
- The crisis had serious effects on the economies of nearby countries