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The Moscow Times Moscow Guide – Winter 2008

Since the middle of autumn one of the most important topics of discussion, could only be … no, not the financial crisis… New Year! The winter issue of The Moscow Times Moscow Guide is entirely devoted to New Years celebrations. Seven great ideas for celebrating the “Night of Nights” will help readers finalise their plans and choose how and where to party, give fresh ideas and lots of practical advice.

And don’t forget – problems will come by themselves, but happiness and luck need an invitation. That why the more cheerful and light-hearted your celebration of the coming holiday is, the happier and more successful 2009 will be for you.

The Crisis: Signs of a Kremlin Fearful Of Unrest
Sociologist Yevgeny Gontmakher has painted a disturbing picture of what might emerge from the financial crisis, forecasting continued unemployment, huge protests and spreading violence.

Market Matters: Huge Grain Harvest No Boon for Farmers
This year Russia is enjoying the biggest grain harvest it has ever seen -- and farmers couldn't be more worried.



Tuesday, January 06, 2009 Updated at 31 December 2008 22:36 Moscow Time.

The Moscow Times » Issue 4002 » Business

Corporate Debt Keeps Ruble Low

03 October 2008The ruble held near what analysts regard as the weak end of its trading range against the dollar-euro basket on speculation that the global credit crisis is forcing Russian companies to pay off debt.

The managed currency fell against the dollar for a sixth day as U.S. lawmakers deliberated on a $700 billion rescue plan for financial markets. Prices on bonds issued by Russian companies slipped almost 4 percent last month as rising borrowing costs and a lack of liquidity prompted the government to pledge $150 billion in aid to banks and state-run companies.

"The ruble is stuck at the weak end of the band because of corporate demand for dollars to pay their debt," said Martin Blum, head of emerging-markets economics and currency strategy at UniCredit in Vienna. "Maturing debt and loans are not being rolled because of the global situation, and so companies need to get a hold of dollars."

The ruble was little changed at 30.38 versus the basket Thursday evening, compared with 30.38 on Wednesday. It has lost 0.5 percent this week. A number of banks have said the weak level of the Central Bank's trading range is 30.40.

The currency weakened to 25.99 versus the dollar, the lowest level since June 2007. It was recently at 25.92 per dollar, from 25.73 on Wednesday, and was headed for a 3.5 percent decline this week, after two rising weeks.

The ruble rose to an eight-month high of 35.72 against the euro, before trading at 35.84, from 36.05.