Russia fights to prevent panic sells
Published: 10 October, 2008, 05:32
The situation on the international markets remains grim as global stocks take yet another plunge. A massive sell-off on Wall Street on Thursday, and the escalating global equity crisis, sent Asian stocks down sharply.
In Russia, the government is aiming to prevent individuals and investors from panic-selling and causing a run on banks.
The State Duma will again debate changes to the law on Friday, which would see Russian people's savings protected up to 700,000 roubles, which is almost $30,000.
At the moment, only 400,000 roubles of investment is guaranteed.
The lower house of parliament will also consider plans to stabilise the domestic financial market.
The measures are aimed to prevent Russia from being further affected by the international financial crisis.
09.10.2008, 18:45
Government liquidity injections a balancing actThe money being pumped into the banking system is giving rise to concerns about the impact on Russia’s reserves, and the effect on Russia’s notorious inflation problem. |
10.10.2008, 08:35
Gold provides the havenGold companies have been tipped as a standout long-term investment amid the global markets collapse. Experts warn that's despite government regulations which are choking development of Russia's reserves, the world's second largest. |
