Russian Duma approves monetary policy guidelines

The State Duma, Russia's lower house of parliament, approved the 2003 monetary policy guidelines at its plenary session on Wednesday.

Monetary policy guidelines are designed by the Central Bank of Russia (CBR) annually and require the approval of the State Duma in a single reading.

In the document, the CBR said its foreign exchange and gold reserves may post an increase of 11.8bn US dollars this year to reach 48.422bn dollars.

The CBR said it expects 2003 annual cumulative inflation to reach 10-12

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