CBR no longer responsible for inflation

RUSSIA - On 3 October, the Central Bank of Russia presented the State Duma with the draft of The Basic Guidelines of a Single State Monetary and Credit Policy for 2002, which assumes an annual inflation of between 12% and 14% for next year.

However, in the document, CBR cites two reasons that may trigger off a higher rise in the annual inflation than that envisaged in the document. These may be increases in the tariffs of natural monopolies and an uneven expenditure of budgetary funds by the R

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