Domestic debt to step up

At the end of 2004, the volume of the domestic debt market will be close to RUR600bn ($19.69bn), Russian Deputy Finance Minister Bella Zlatkis reported today. She believes that, in general, Russia tends to cut its foreign debt and increase the domestic one. In particular, at the end of 2004 Russia's domestic debt will account for more than 25 percent of the aggregate debt.

According to Zlatkis, in the reported period Russia's aggregate debt should account for less than 40 percent of the GDP. Meanwhile, the domestic debt will increase to 20 percent, which will allow to diminish currency risks for the federal budget, the official noted.