Russia: Ruble Liberalization and the 1998 Financial Crisis (1992-1998)

1. Russia joins the IMF amid transition

   Jun 1, 1992Labels: International Monetary, Russia

   • IMF PR 99

2. Exchange-rate unification and “internal convertibility”

   Jul 1, 1992Labels: Russian Central, Exchange Rate

   • UPI
   • Washington Post

3. Government approves issuance of GKO treasury bills

   Feb 1, 1993Labels: GKO bonds, Russian Government

   • GKO

4. First GKO auction begins domestic debt market

   May 18, 1993Labels: GKO auction, Domestic debt

   • GKO

5. “Black Tuesday” exposes ruble volatility

   Oct 11, 1994Labels: Ruble, Black Tuesday

   • TIME
   • LA Times

6. Government introduces a ruble “exchange-rate corridor”

   Jul 6, 1995Labels: Exchange-rate corridor, Russian Government

   • RFE RL
   • UPI

7. Foreign investors gain access to GKO market

   Jan 1, 1996Labels: Foreign investors, GKO market

   • GKO

8. Russia redenominates the ruble by 1,000:1

   Jan 1, 1998Labels: Ruble redenomination, Russian Government

   • CBR History
   • Monetary reform

9. IMF approves major support amid mounting pressures

   Jul 20, 1998Labels: IMF support, Russia

   • IMF PR 98
   • RFE RL

10. Russia devalues ruble, defaults on GKOs, imposes moratorium

    Aug 17, 1998Labels: Ruble devaluation, GKO default

    • RFE RL Newsline
    • IMF summary
    • UCLA

11. Ruble collapses further as defenses fail

    Sep 8, 1998Labels: Ruble collapse, Central Bank

    • TASS
    • UCLA

12. 1998 crisis outcome: debt restructuring and a freer ruble

    Dec 31, 1998Labels: 1998 financial, Debt restructuring

    • IMF summary
    • UCLA