MOSCOW, NOV. 13 -- The Soviet Union has created a Moscow Stock Exchange, the first in the country since the 1917 Bolshevik Revolution.
The official Tass news agency said the exchange was founded Monday by 187 Soviet enterprises and banks. It did not say when trading will begin.
President Mikhail Gorbachev issued an order Oct. 26 permitting Soviet citizens to buy stocks and other securities as part of his plan to switch from central planning to a market economy.
Tass said the exchange will be represented overseas by an international brokerage company that has asked not to be identified. It plans to open offices at stock exchanges in New York, Frankfurt, Tokyo and Singapore, Tass said.
Trading in shares was outlawed following the Bolshevik Revolution, and a flourishing stock market in St. Petersburg, now Leningrad, was closed along with more than 100 commodity exchanges elsewhere in Russia.
The New York Stock Exchange recently gave a three-day seminar in Moscow on how to operate and regulate financial markets. NYSE Chairman John Phelan and his Soviet hosts agreed that limited trading could begin within a year.
Soviet businessman Eduard Tenyakov, an organizer of the Moscow Stock Exchange, said the ruble would be valued on a par with the U.S. dollar in estimating the currency exchange values of shares.
The ruble is not a convertible currency, and exchange rates are set artifically by the government. A new commercial exchange rate was imposed Nov. 1, cutting the value of the Soviet currency by nearly 70 percent to discourage imports.
The new rate for international transactions is 1.8 rubles per U.S. dollar, compared to the old rate of 0.56 to the dollar. The rate for foreign tourists exchanging money here remains 6 rubles to the dollar.