Central Bank Chairman Believes This Year Is Successful For The Bank

Chairman of the Central Bank Viktor Gerashchenko believes this year is successful for the Bank. He said this at the Russian-Dutch economic forum being held in the Hague. According to Gerashchenko, inflation will be 18 per cent less in 2001, the national currency exchange rate to the US dollar will not exceed 30 roubles till the end of the year if there is no dramatic fall of the energy supplies prices. Inflation in 2002, according to Gerashchenko, will be higher since structural changes in the economy will be conducted. The head of the Central Bank also pointed out that the hard currency reserves of the Bank today amounted to 38.6 billion dollars. At the beginning of the year they made up 28 billion dollars. Speaking about ever greater transparency of the Central Bank's activity, Gerashchenko stressed that the financial accounts of the Bank on the results of 2000 would be compiled in accordance with the world standards any time soon. They will be published on the Central Bank's site so as it could be possible to compare the results of 2000 and 1999. The head of the Central Bank reported that from January 2004 the entire banking system of Russia will go over to world accounting standards.

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