(16 Jan 2009) SHOTLIST 1. Wide inside of meals market 2. Mid of market merchants 3. Man arms cash to dealer 4. Trader arms meat to man 5. Close up of roubles in hand 6. Wide of meat stall 7. SOUNDBITE: (Russian) Anna (no surname given), vox pop: “I’ve just bought some meat and the prices have gone up. About 20 per cent at least. I have bought a shoulder of lamb and paid 540 rubles but before I paid 360 rubles.” 8. Wide inside of Moscow Interbank Currency Exchange 9. Wide of merchants 10. Mid of merchants 11. SOUNDBITE: (Russian) Alexei Gerasyuk, MICEX Spokesman: “It’s not very worthwhile making predictions at the present time. Everything depends on the situation in foreign markets, most of all the USA and Europe, as well as the Russian economy. And much also depends on the dollar/euro exchange rate.” 12. Currency trade board displaying US greenback/ruble fee 13. Various of avenue with foreign money trade locations 14. SOUNDBITE: (Russian) Ivan (no surname given), vox pop: “The prices are growing, especially rent and utilities, so for us war veterans, who are over 80, I’m 88, its hard but we still hope we’ll overcome this.” 15. Mid of individuals on avenue 16. SOUNDBITE: (Russian) Irina, schoolteacher (no surname given): “We are still waiting for the government to pay off the money they stole from us, so we can buy currency.” 17. Set up shot of Oleg Zamulin, Professor of New School of Economics 18. SOUNDBITE: (English) Oleg Zamulin, Professor of New School of Economics: “That process (the gradual devaluation of the ruble) has hurt the Russian economy, because the banks which expect further devaluation stop giving out loans to the economy and instead convert all of their money into dollars and expect these dollars to become more valuable in ruble terms, so until this process is over, until the devaluation is finished the banks won’t go back to their natural business of giving out loans.” 21. Wide of queue at financial institution 22. Various of individuals in line STORYLINE: Traders and customers at Moscow’s Dorogomilovo market are feeling the pinch of the monetary disaster. With Russia’s rouble falling to a brand new low in opposition to the US greenback and euro, commerce on the market was sluggish in on Friday morning. Both imported items and native produce are getting costly. The ruble dropped 0.Four roubles in opposition to the US greenback, to 32.6 – its lowest within the historical past of MICEX commerce. For the primary time ever, the ruble fell to 43 in opposition to the euro because the Central Bank continued a coverage of managed devaluation. The ruble has been badly bruised by declining vitality costs and rising financial difficulties. It has shed greater than 27 p.c of its worth in opposition to the US greenback since its excessive of 23.Four in early August. Resentment is rising on the streets of Moscow as the fact of the financial disaster hits the typical Russian, a few of whom are nonetheless bitter concerning the final disaster within the 90’s. Eager to keep away from shedding public help, Russia’s authorities has spent tens of (m) tens of millions of US {dollars} to sluggish the autumn of the ruble, which has abnormal Russians anxious after years of financial growth. Russia’s worldwide reserves dropped 11 p.c this yr, to 427 (b) billion US {dollars}, and down 29 (b) billion US {dollars} in December, the Central Bank mentioned earlier this week. Analysts say the ruble is harm by expectations that the value of oil – which fuels the Russian economic system – will proceed to fall. Until then, says Oleg Zamulin from the New School of Economics, banks will chorus from giving out loans. The Central Bank apparently needs to step by step let the ruble fall to a low beneath which it won’t drop beneath any circumstances, economists mentioned. Observers count on the string of near-daily devaluations to cease quickly, in all probability inside a month however probably a lot
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