PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: calgal who wrote (502581)	12/2/2003 11:17:44 PM
From: calgal	Read Replies (1) of 769670

Russia may float currency rates in future LONDON, Dec. 2 (UPI) -- Russia may switch to floating currency rates in two years at the earliest, but not before it is sure its stabilization fund offers adequate protection to the federal budget. The Novosti news service said the statement from Russian Central Bank First Deputy President Oleg Vyugin means the change will help the ruble in promoting capital investment and increasing public buying power. But, Vyugin told a London audience Tuesday, if Russia introduces floating rates now, it may open its federal purse to hazards. He said it will take some time to see how a new and very liberal currency regulation law works. Said Vyugin: "We must see whether it is effective, evaluate residents' practical confidence, and see that liberalization does not lead to a massive capital outflow and overseas accounts started. Positive fruit of the new arrangements will be visible in 2005 or even toward next year's end." Then, he said, Russia would be really ready to introduce floating currency exchange rates.

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