Russia's higher investment rating not to cause Central Bank to change target figures

Following the granting of a higher investment rating to Russia, the Central Bank, however, does not suggest changing key targets for 2003-2004, Bank of Russia chairman Sergey Ignatyev said at a press conference Monday.

"A higher investment rating is certainly a major benefit for Russia which can now expect a capital inflow and better terms of borrowings abroad. Still, we do not plan any changes in key targets for 2003-2004," said Ignatyev.

He also reported no intention on the part of the Central Bank to revise the restricted real growth of the rouble's effective exchange rate by six percent in 2003 and by seven percent in 2004. There are prospects to bring down inflation to 12 percent in 2003 and to 10 percent in 2004, added Ignatyev.

These two controversial targets are now harder to be reached in the context of the Moody's decision to raise Russia's rating though there is still a possibility of keeping within these parameters, noted Ignatyev.

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