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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote ()5/18/1998 5:16:00 PM
From: Real Man   of 1301
 
MOSCOW, May 18 (Reuters) - The Russian economy and rouble
currency are stable despite serious problems with tax receipts,
President Boris Yeltsin's chief economic adviser Alexander
Livshits said on Monday.
''The rouble is stable enough,'' he told reporters after a
news conference. ''So far we see no objective reasons for panic.''
But he said April cash tax receipts had fallen from year-ago
levels and there was no sign of a significant improvement in
May.
''The situation is stable, but there are no indications there
will be cause for celebration,'' Livshits said.
He was speaking as Russian share prices continued a
week-long slide in response to generally depressed emerging
markets and amid concerns about the domestic economy and market
speculation about a rouble devaluation.
The Russian central bank announced a rise in its Lombard
rate on Friday to help defend the currency following what a
senior bank official said was withdrawal of capital from state
securities by foreign investors.
Livshits said there were still problems in meeting budget
revenue targets, a major concern of the International Monetary
Fund. An IMF expert delegation was due to arrive in Moscow on
Monday to assess the state of the economy.
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