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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote ()5/15/1998 2:03:00 PM
From: Real Man   of 1301
 
MOSCOW, May 15 (AFP) - Russia's central bank decided Friday to
raise its Lombard rate, but left its benchmark repo rate unchanged
at 30 percent, the central bank said in a statement.
With effect from next Monday, the bank hiked the Lombard rate
for 3-14 day credits to 36 percent from 30 percent, and the rate for
15-30 day credits to 40 percent from 36 percent, the bank said.
Changes in interest rates had been expected in the market given
investor flight out of Russia's fixed income markets due to
increasing nervousness over emerging markets

MOSCOW, May 14 (AFP) - Russian Finance Minister Mikhail Zadornov
said Thursday that Russia had not altered plans to borrow on foreign
markets this year, ITAR-TASS reported.
Zadornov said Russia had already realised one-third of its
Eurobond issue programme with an overall total of 3.5 billion
dollars.
A similar amount this year will be borrowed from international
financial organisations such as the IMF and the World Bank, the
minister said.
Zadornov said Russia's state debt was too short-term and very
costly to service, explaining that in the first quarter of 1998 30
percent of Russia's budget spending went to service foreign debt.
Russia's overall state debt is estimated at 250 billion dollars,
currently about 50 percent of the GDP.
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