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RUSSIA: SMALL RUBLE DEVALUATION FORECAST, AND HIGHER INFLATION FEARED AS RESULTS OF STALLED IMF LOAN.(Brief Article)
IPR Strategic Business Information Database, December, 1999
Central Bank Chairman Viktor Gerashchenko announced on 10 December that an order to print 1,000 ruble notes has been placed and those notes will be put into circulation on 1 January 2000. According to ITAR-TASS, Gerashchenko said that issuing the new bills will not have any impact on inflation.
However, "Segodnya" noted that experience shows that "new banknotes of higher denomination always appear on the eve of some global changes.... And such, upheavals, as a rule, are accompanied by outbursts of inflation." "Kommersant-Daily" echoed this fear, suggesting that when relations with the IMF grow cooler, power shifts to the Central Bank, whose leadership is not predisposed toward following a tight monetary policy. JAC Copyright (c) 1999. RFE/RL, Inc. Reprinted with...
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