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18.09.08 17:39
Russia on Thursday moved to stem a dizzying plummet in share prices, pledging to inject an additional 500 billion rubles ($19.68 billion) into the market and suspending trading on its main stock exchanges for a second consecutive day.
On Thursday morning, trading at Russia’s two main bourses, RTS and MICEX were suspended after stocks went into a freefall this week, battered by the global financial storm spreading from the U.S. Russia’s exchanges will resume trading Friday, the Finance Minister Alexei Kudrin said Thursday during a Kremlin meeting with President Dmitry Medvedev and the country’s top monetary officials.
During the meeting, Mr. Medvedev said Russian monetary officials will allot 500 billion rubles to aid the country’s stock markets when trading resumes Friday. Half of the sum will come from the federal budget.
`In this situation there is no more important task for the government than to keep the markets stable,` Mr. Medvedev said. `We have enough reserves, we have a strong economy, and this is a guarantee that there won’t be any shocks.`
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