Monetary base to advance by 28% this year

The monetary base will surge by 28 percent in 2002, Sergey Ignatyev,chairman of the Central Bank, told journalists in the House of Governmentafter today's government meeting, at which main direction of the monetaryand credit policy had been considered. According to the Central Bank'shead, the monetary base volume increased by 40 percent in 2001. The Bankplans to make currency interventions, to broaden instruments of refinancingand instruments of sterilization of money quantity. Moreover, Ignatyev doesnot rule out the possibility that the Central Bank will issue bonds in thefuture..

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