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Where Did Russia?S Money Go?
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3RUSSIAN CENTRAL BANK
$3.8 billion, plus $12 billion A much larger portion of the IMF loan is deposited in a Russian Central Bank account at the Republic National Bank of New York, where it is pooled with $12 billion in Russian currency reserves. The effort to stabilize the ruble begins.
4RUSSIAN BANKS
$4.1 billion Between July 1 and Sept. 1, 1998, 18 to 20 private Russian banks use rubles to purchase $4.1 billion in U.S. currency from the Russian Central Bank.
5CREDITORS
$1.2 billion Some of the $4.1 billion is spent to pay off creditors.
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