The inflation rate in Russia is expected to reach 12-14%

In case Russian authorities do not manage to reach an agreement on debt restructuring with the Paris Club of creditors, Russia will have to change its monetary policy and the Central Bank will have to reconsider its policy for 2001, deputy chairman of the Central Bank Tatyana Paramonova announced at the State Duma budget committee meeting on Monday. Paramonova also said that in 2001, the inflation rate will depend on negotiations with the Paris Club. As of now, it is expected to reach 12-14%. In addition, the major part of the debt of the Central Bank to the Russian Finance Ministry should be restructured into securities, Prime-Tass reports. Paramonova thinks this is necessary to reduce inflation. She stressed that the main aim of the Central Bank's policy is to bring down the inflation rate

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Author`s name: Editorial Team