St.Petersburg, Russia (A&G News, June 4 1996). The Fund experts believe that the new calculation system will allow to count individual deposit of each citizen into his own pension fund. It will help to stop the flow of false certificates and documents proving working record and wage amount, submitted to pension services for pension calculations. It will also allow to increase the amount of insurance deposits as the individual pension fund will be under the employee's personal control. The Russian Pension Fund introduced the new system of individual pension calculation in five regions of Russia.
St.Petersburg, Russia (A&G News, June 4 1996). Mr.Wolfenson will discuss the prospects of two IBRD loans ($500 million each) into coal-mining and social spheres of Russia. The $500 million social loan will be used to pay pensions and to smoother financial situation of the poorest citizens. The coal-mining loan is mainly aimed to provide social support to miners loosing jobs as a result of mine closures and coal- mining modernization. All in all the 1996 cooperation between Russia and International Bank for Reconstruction and Development includes 8 specific projects worth $2.1 billion, say governmental sources.
St.Petersburg, Russia (A&G News, June 4 1996). The second coupon yield of the 4th-issue state loan bonds was fixed at 137.34% per annum. The highest yield rate was 104% per annum and was fixed for the second coupon of the first-issue state savings loan bonds.
St.Petersburg, Russia (A&G News, June 4 1996). President of the biggest Russian corporation "A Unified Energy System of Russia" Anatoly Diakov stated that the government intends to introduce a new calculation figure, so-called energy ruble. The energy ruble will be used for payments in fuel the and energy complex. Mr.Diakov believes that this measure will liquidate the problem of multi-stage non-payments affecting the budget. At present the total sum of fuel and energy complex debts reached 140,000 billion rbls, including the energy part - 67,000 billion rbls.
St.Petersburg, Russia (A&G News, June 4 1996). A global project of the Central Bank, Finance Ministry and Moscow Inter-Bank Currency Exchange aimed to involve the main regional financial centers of Russia into state securities sales is to be completed soon. The project seems to end successfully - regular state bonds sales started at Nizhny Novgorod Currency and Stock Exchange (NNCSE), which became the sixth regional sales zone. State short-term bonds sales are planned to be held in June in Samara. Samara sales will complete the formation of the unified system of inter- regional sales.
St.Petersburg, Russia (A&G News, June 4 1996). Forecasts of some analysts seem to come true. For the last several weeks before the presidential elections foreigners have invested into Russian stock very actively. Quotations of certain stock reached their maximum level. For example, "Mosenergo" Corp. shares bounced up by 52% within a week and reached 66 cents.
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