Now, in this transitional stage, without a stable ruble capable of providing true price information to producers still working within a non-privatized system, managers of large enterprises are having enormous troubles.

Russian officials had hoped that the fund would be established this summer, saying that a stable ruble is needed as soon as possible to create an anchor for the Russian economy.

He urged that priority be given to a stable ruble, low inflation and the development of secure and stable capital and banking systems.

When he died, there was a stable ruble, a stable economy and a New Economic Program.

A stable ruble, in turn, helps to attract foreign investment and encourages foreign trade, which are two other goals being sought by the fund.

Moscow has now agreed to pay the sailors a salary, calculated in more stable rubles, of about $31.25 a month.

Without a stable ruble, Russia would have difficulty repaying foreign loans and repatriating profits from foreign investments, which Mr. Yeltsin says the nation needs to make the transition to a market economy.

The Russian failure was critical because without a stable ruble, investment and trade are extremely difficult to carry out.

A stable ruble would buttress the solvency of banks and prevent the ballooning of the Government's debt.

A stable ruble is a necessary step toward encouraging trade and foreign investment.