03 June 2004 19:44
Inflation 5.3% in first 5 months - Ignatiev
ST. PETERSBURG. June 2 (Interfax) - Inflation in Russia in the first five months of 2004, according to preliminary
information, amounted to 5.3%, Central Bank Chairman Sergei Ignatiev said at the 13th International Banking Congress in
St. Petersburg.
This is significantly lower than inflation in the same period in 2003, which amounted to 7.1%.
Ignatiev also said that the strengthening of the real effective exchange rate of the ruble in the first five months
amounted to 6%.
"In our opinion, we still have good potential to meet the targets of monetary-credit policy and reduce inflation
to 8%-10%," he said. He said that a second target would also be met - to prevent the strengthening of the real
effective exchange rate of the ruble more than 7%.
He said that this would be helped by an increase in export duties when oil prices are high. [RU EUROPE ASIA EEU EMRG
ECI] rd <>
[Interfax] |
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