FINANCIAL NEWS

1. US $ RATE CHANGE AND THE TURNOVER AT THE MOSCOW INTERBANK CURRENCY MARKET
   (Rb/$): July 5 - 1998, July 7 - 2011.
2. RUSSIA IS GOING TO START SELLING DEBTS OWED BY DEVELOPING COUNTRIES SOON.
3. MOSCOW INTERBANK CURRENCY MARKET plans to reduce its charge for currency
   transactions with US $ and DM two times beginning July 1.
4. CENTRAL BANK REDUCED ITS DISCOUNT RATE AGAIN.
5. PROGRESS OF NON-STATE PENSION FUNDS IS BEING HAMPERED BY THE GOVERNMENT'S
   FAILING TO GRANT THEM TAX PRIVILEGES IT PROMISED TO GIVE.
6. RUSSIA HAS AVERTED HYPERINFLATION AND IS NO LONGER FACING THE DANGER OF
   UNCONTROLLED PRICE GROWTH.