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| Topic: |
Business
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| Number of pages / Number of words: |
7 / 1684 |
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Some important market-oriented laws had also been passed, including a commercial code governing business relations and the establishment of an arbitration court for resolving economic disputes.
- But in 1998, the Asian financial crisis swept through the country, contributing to a sharp decline in Russia's earnings from oil exports and resulting in an exodus of foreign investors...
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dollar reserves)
? $5 billion of the international loans were stolen
? The Russian stock, bond, and currency markets collapsed (65%)
? Russian inflation in 1998 reached 84 percent
? Banks, including Inkombank, Oneximbank and Tokobank, were closed down
? Loss of savings
Demonstrations by common people leading to social insecurity
- Prices for almost all Russian food items had gone up by almost 100%
- Imports had quadrupled in price
- The salaries of miners were unpaid and so government paid $4 bn
POST FINANCIAL CRISIS REFORMS:
- The volume of consumer credit between 2000–2006 increased 45 times, and during that same time period, the middle class grew from 8 million to 55 million, an increase of 7 times...
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