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Russian Capital


International Outlook: Global Wrapup

RUSSIAN CAPITAL

The Russian central bank has held its first treasury-bill auction. Although only $800,000 was raised, the sale is viewed as laying the groundwork for a securities market. The three-month bills carry a 16.8% coupon--not a great bargain, considering that inflation is running at 20% a month and that in one recent week the ruble plunged 20% against the dollar, to 934.


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