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Friday, October 21, 2016

The Central Bank considers impossible a repetition of the 1998 default

After the August 1998 crisis the Russian economy has become much more resistant to external shocks, so the repetition of the “black Monday” is now impossible, said the press service of the Bank of Russia.

The Central Bank explained his optimism that Russia has accumulated significant amounts of reserves (sovereign funds and currency reserves of Bank of Russia) has a low level of public debt and a flexible exchange rate.

Eighteen years ago in the black Monday 17 August 1998 — the Russian government and the Central Bank announced a technical default on the main types of government securities.

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