Yeltsin vows to defend rouble
Saturday 15 August 1998
Financial markets were also buoyed by news that the Group of Seven leading economies were to meet to consider ways to help Russia.
"There will be no devaluation - that's firm and definite," the Russian President told reporters.
Mr Yeltsin's intervention came only hours after George Soros, the speculator, who two days ago created havoc on the world's financial markets with his call for a devaluation of the rouble, tried to distance himself from the collapse in Russian stocks. "The turmoil in Russian financial markets is not to due to anything I said or did," the Hungarian-born financier said in a statement.
Mr Soros said his fund had not speculated on the rouble falling in value and had "no intention of shorting the currency".
The two statements soothed Russian traders' jittery nerves and triggered a 13.7 per cent jump in share prices. The rise helped the benchmark RTS index to recoup part of Thursday's 28.7 per cent loss.
In New York, the Dow Jones Index was up 37 points in early trading after losing the gains from a 100-point spike. The FTSE 100 Index closed up 55.5 points at 5,455.0. Germany's DAX rose 1.71 per cent, and Paris's CAC-40 was up 1.09 per cent.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Syrian refugee child beaten by Istanbul Burger King manager for eating customer’s leftover food
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...