Where Did Russia?S Money Go?

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.