changes in Russian monetary policy approach

The Central Bank may introduce changes to major directions of the monetary policy, stated Georgy Luntovsky, the deputy head of the Central Bank, at today's press conference in Nizhny Novgorod. According to him, the changes are possible after the fourth reading of the 2001 budget. Yesterday, the board of the Central Bank discussed the final variant of major directions of the monetary policy. The document is to be presented to the State Duma December 1, 2000. Luntovsky also noted that the management of the bank discussed questions concerning the 2000 annual report of the bank, the final variant of which is to be introduced to the lower house of the parliament May 15, 2000. Touching upon a question of the capitalization of Russian banks, Luntovsky stressed that regional banks had not exhausted their possibilities to enlarge capitals yet, RBC announces. According to him, "regional banks have every ground to increase their capitals due to a rise in investments in the industrial sector." Luntovsky noted that a rise in the investments in the industrial sector was expected to reach 17 per cent this year.