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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.03

+3.0%

Nov 7 4:00 PM EST

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To: goldsnow who wrote (32743)	4/29/1999 9:11:00 AM
From: Alex	Read Replies (1) of 116753

4/29/99 - Russia"s new agreements with IMF to keep rouble up-Geraschenko. <Picture> WASHINGTON, April 29 (Itar-Tass) -- New agreements reached here between Russia and the International Monetary Fund (IMF) "somewhat relax tension" at the Bank of Russia from the point of view of its gold and foreign currency reserves" spending for the next few months, chairman of the Central Bank Viktor Geraschenko told here a press conference after the talks on Wednesday. He added that the agreements allowed to speak about a possible avoidance of sharp fluctuations in the rouble exchange rate. The head of the Central Bank noted that "a rather complicated process of banks" restructuring and recapitalization is not so pressed for time now as it used to be in compliance with the original documents." Demanding that licenses should be revoked from the insolvent banks, the IMF and the World Bank understand it only too well that no effort should be spared to both reach agreement with the foreign and domestic creditors and not to forget about the money deposited in the now insolvent banks by the population. The understanding shown by those institutions inspires confidence in that Russia would face here no major social problem, the head of the Central Bank said. According to Geraschenko, to restructure the banking system there should be a corresponding law to specify the approach to shareholders and creditors, and to fix the responsibility of both the Agency for restructuring the credit organizations, and the state. Geraschenko said it was necessary that amendments be introduced to a number of efficient laws and even to the Civil Code of the Russian Federation.

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