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Dollar buying spree in Russia will not last long
13.07.2004 00:00

The Russians have indulged in active buying of cash dollars. Such feverish activity has been caused by the willies on the banking market. At the end of the last week already the rate of dollar in exchange offices shot up. However, according to “Financial News” this situation will hardly last long.
      It would seem, the Russian citizens stopped converting rubles into foreign currency quite recently. But today the crises has made many people not only take their money back form the banks. People are afraid that the ruble will start slumping as it happened in 1998.
      As a result there is a boom of buying foreign cash. As cashiers of exchange offices say the demand for it, especially for American dollars has grown several times. So it is not surprising that by Friday afternoon there were no cash dollars in exchange offices – all were sold out.
      

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