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Strategies & Market Trends : Investment in Russia and Eastern Europe -- Ignore unavailable to you. Want to Upgrade?

To: P.T.Burnem who wrote (616)	9/4/1998 10:57:00 AM
From: Rob Shilling	Read Replies (2) \| Respond to of 1301

Russia can boost foreign reserve in weeks-minister MOSCOW, Sept 4 (Reuters) - Russia's acting Finance Minister Mikhail Zadornov said on Friday Russia could boost its foreign reserves in weeks without Western aid, Interfax news agency said. ''The government has means to boost Russia's currency reserves without seeking aid from Western financial institutions,'' the agency quoted Zadornov as saying. He did not elaborate. Acting Prime Minister Viktor Chernomyrdin and his government, facing an acute financial crisis in which the rouble has lost about two-thirds of its value in three weeks, are mulling a form of a fixed exchange mechanism known as a currency board. But the mechanism would require that the central bank holds considerable reserves which are at the moment depleted by attempts to rescue the rouble.