FINANCIAL NEWS

1. US $ RATE CHANGE AND THE TURNOVER AT THE MOSCOW INTERBANK CURRENCY MARKET.
                  rate (Rb/$)         turnover (mln $)
June      28         1985                  2.5
June      30         1989                  3.65

2. JUNE 24 STATE DUMA ADOPTED LAW ON 1994 FEDERAL BUDGET.
3. THERE IS NOT GOING TO BE A SURGE OF INFLATION IN RUSSIA.
4. MINISTRY OF FINANCE SUGGESTS THAT A SPECIAL INCOME TAX SHOULD BE IMPOSED.
5. BOARD OF DIRECTORS OF THE CENTRAL BANK OF RUSSIA ADOPTED A RESOLUTION THAT
   INTEREST RATES ON DEPOSITS OF ALL KINDS BE REDUCED BEGINNING JULY 1.
6. CREDIT COMMITTEE OF THE GOVERNMENT OF THE RUSSIAN FEDERATION ADOPTED A
   RESOLUTION THAT RB 1,450 BN CREDIT BE GRANTED TO OIL AND GAS INDUSTRIES.
7. 19 MORE BANKS HAVE RECEIVED OFFICIAL LICENSES TO PERFORM OPERATIONS WITH
   PRECIOUS METALS FROM THE CENTRAL BANK OF RUSSIA.
8. THE TOTAL VALUE OF DIRECT FOREIGN INVESTMENTS IN RUSSIA'S ECONOMY IN 1994
   IS EXPECTED TO BE US $ 1 BN.