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1998 Russian financial crisis - Wikipedia

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The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries. The Russian economy had set up a path for improvement after the Soviet Union had split into different countries. Russia was supposed to provide assistance to the former Soviet states and, as a result, imported heavily from them. In Russia, foreign loans financed domestic investments. When it was unable to pay back those foreign borrowings, the ruble devalued. In mid-1997 Russia had finally found a way out of inflation. The economic supervisors were happy about inflation coming to a standstill. Then the crisis hit and supervisors had to implement a new policy. Both Russia and the countries that exported to it experienced fiscal deficits. The countries that exported to it used their res

1998 Russian financial crisis - Wikipedia Jump to content From Wikipedia, the free encyclopedia A graph shows the USD to Russian ruble exchange rate in the second half of 1998. In the weeks following 17 August, one US dollar went from being worth 6.43 rubles to being worth over 21 rubles. Mid-1998 economic crisis in Russia The Russian financial crisis (also called the ruble crisis or the Russian flu ) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt . The crisis had severe impacts on the economi

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