How did Russia deal with its 1998 financial crisis?

Crisis and effects. On 17 August 1998, the Russian government devalued the ruble, defaulted on domestic debt, and declared a moratorium on repayment of foreign debt. ... a temporary 90-day moratorium would be imposed on the payment of some bank obligations, including certain debts and forward currency contracts.

During the summer of 1998, the Russian economy was primed for the onset of a currency crisis.In an attempt to avert the crisis, the CBR intervenedby decreasing the growth of the money supply andtwice increasing the lending rate to banks, raisingit from 30 to 150 percent. Both rate hikes occurredin May 1998, the same month in which the Russianstock market lost 39 percent of its value.

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