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MOSCOW () -- The dollar's value grew 2.85 times against the ruble this year on the Moscow Interbank Currency Exchange, closing at 3550 rubles Thursday, the last day of trading for 1994. The dollar's value against the ruble tripled in 1993, according to Interfax.
The news agency reported that a total of $22.7 billion changed hands this year on the exchange, up from $12.7 billion in 1993 and a mere $500 million in 1992, the exchange's first year.
Meanwhile, however, the majority of dollar-ruble trade shifted off the exchange to private interbank trades. Bankers have estimated that as much as 70 percent of currency trade in Moscow now occurs off the exchange.
Ruble Ends Bad Year
30 December 1994
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