1st » Russia begins to circulate new Russian ruble called rubles to stem inflation and promote confidence.
1st » The European Central Bank is established.
4th » Wilaya of Relizane massacres of 4 January 1998 called Wilaya of Relizane massacres in Algeria: over 170 are killed in three remote villages.
4th » North American Ice Storm of 1998 known as A massive ice storm hits eastern Canada and the northeastern United States, continuing through January 10 and causing widespread destruction.
11th » Over 100 people are killed in the Sidi-Hamed massacre in Algeria.
12th » Nineteen European nations agree to forbid human cloning.
17th » Lewinsky scandal: Matt Drudge breaks the story of the Bill Clinton–Monica Lewinsky affair on his website 'The Drudge Report'.
25th » During a historic visit to Cuba, Pope John Paul II demands political reforms and the release of political prisoners while condemning US attempts to isolate the country.
26th » Lewinsky scandal: On American television, U.S. President Bill Clinton denies having had "Lewinsky scandal known as sexual relations" with former White House intern Monica Lewinsky.
29th » In Birmingham, Alabama, a bomb explodes at an abortion clinic, killing one and severely wounding another. Serial bomber Eric Robert Rudolph is suspected as the culprit.