CBR likely to amend monetary policy framework

The Bank of Russia last week submitted to the Duma "Guidelines for the government's unified monetary and credit policy in 2001".
The Bank of Russia last week submitted to the Duma "Guidelines for the government's unified monetary and credit policy in 2001". The covering letter signed by central bank's head Viktor Gerashchenko says "the amended version of the document was approved by the Bank of Russia's board on 27 November 2000". "Additional changes can be introduced into the document after the bill "On the federal budget for 2001" is adopted."

Compared to the draft guidelines of October 1, the wording of the present paper has undergone only slight changes. It was specified that in 2001 the investment in fixed assets could grow 7%-12%, while the actual income of the average Russian could rise 5%-8%.

According to the Bank of Russia, "in 2001 the situation with the current transactions account and gold/foreign exchange reserves will be dependent on the world's fuels market prices /oil, primarily/, a restructuring of the debt to the Paris club and loans from the IMF, as envisaged by the draft federal budget for 2001.

To ensure the liquidity of the national banking system, the central bank will be changing the rates on its transactions depending on the banking system's need in additional funds, the situation of the money market and foreign exchange trends. It emphasised that "the analysis of the state of the economy and inflation dynamics will be crucial."

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