Rouble to fall as cb's overnight deposit rate cut

RUSSIA - Despite the theme of continuity in exchange rate policy which was emphasized when Sergei Ignatyev took over as head of the Central Bank of Russia in place of Viktor Gerashchenko earlier this year, the bank has subsequently made moves which imply the rouble will be allowed to fall in value more quickly than before.

Since the 1998 crisis the CBR has allowed the national currency to decline against the dollar much more slowly than the rate of inflation, in effect rapidly reversing a lot