Russian central bank predicts fall in inflation

The first deputy chairman of the Russian central bank, Alexei Ulyukayev, said on 4 June that the country's inflation is likely to fall to 5.2% for the first six months of this year, one percentage point down on the same period in 2006.

The forecast was slightly lower than that presented recently by the ministry of the economy, who expected prices to rise by 5.3% in the first half of the year.

Ulyukayev also announced that the central bank's international reserves were up by 33% to $403bn in th

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