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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote (56)4/13/1998 12:22:00 PM
From: Real Man   of 1301
 
Russia rates may rise near term, trend down-c.bank
MOSCOW, April 13 (Reuters) - Russia's central bank said on Monday Russia's economic situation did not justify current high interest rates and that the overall rate trend was downward, though it was threatened now by political uncertainty and low liquidity at commercial banks.
''We think rates will go down, although banks now lack liquidity,'' First Deputy Chairman Sergei Aleksashenko told Reuters. ''They do not have money now and therefore rates could rise, but the central bank intends to work towards a reduction in rates.''

''Current rates are too high given the economic situation...I think the market will react positively to confirmation of the government.''

Russia has faced political uncertainty in recent weeks and some investors have bought foreign currency as a safe haven against rouble instability, despite repeated central bank vows to defend the currency.

Aleksashenko said he hoped banks would sell hard currency to raise roubles.

That would improve the environment for domestic treasury bill and bond prices, which are negatively affected by low rouble liquidity.

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