(17 Aug 1998) T/I: 11:06:46 - A2
T/I: 10:50:01 - GS 21/08/98
After spending billions of dollars over the past three months to prop up Russia's weak currency, the government gave up on Monday (17/08) and let the ruble's value drop by up to 34 percent. President Boris Yeltsin returned to Moscow from a holiday retreat in northwest Russia for urgent consultations with Prime Minister Sergei Kiriyenko, after the government admitted it could no longer defend the ruble at its current dollar peg.
SHOWS:
MOSCOW, RUSSIA, 17/08
00.00 WS trading room at Inter Currency Exchange (rouble market);
00.07 CU indicator board showing ruble rate changing to one
dollar = 9.25 roubles;
00.11 MS traders at computer screens;
00.16 CU computer screen;
00.18 WS exterior street scene;
00.22 MS man at cashpoint;
00.26 CU cashpoint screen saying "temporarily unable to dispense cash";
00.33 MS traders in office of Broker Heritage Fund;
00.36 MS same;
00.39 SOT Bill Browder, broker, Heritage Fund (English): "I
wouldn't expect to see bank closures because I think that
the primary objective at this point of the Russian
government is to protect its citizens";
00.47 CU hands counting coins;
00.50 MS woman serving man with loaf of bread;
00.55 WS President Boris Yeltsin's motorcade driving down street;
01.04 MS woman cleaning, turned off currency exchange sign;
01.09 CU hands counting roubles;
01.15 Vision ends
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