#1 - JRL 6597
RUSSIA'S ANNUAL GDP GROWTH WILL REACH 4 PERCENT THIS
YEAR
MOSCOW, December 11, 2002. / RIA Novosti correspondent Pavel Shevtsov /. - Russia's annual GDP growth will reach 4 percent this year. Sergei Ignatiev, chairman of the Central Bank of Russia, said this when presenting to the State Duma (the Russian parliament's lower chamber) the guidelines on an integral state monetary policy for 2003.
In the words of the Central Bank's head, inflation over the eleven months of this year reached the level of 13.3 percent (as against 16.7 percent in 2001). The inflation rate is gradually going down, Ignatiev noted.
At the same time, he admitted that the inflation rate projected for 2002, i.e., 12-14 percent, would not probably be achieved. According to the Central Bank's data, the 2002 inflation will be at the level of 14.5-15 percent, Ignatiev said.
In his words, the Central Bank "will continue to keep to the floating exchange rate of the rouble in 2003".
Ignatiev pointed out that over the eleven months of this year, the real rouble/dollar exchange rate increased by 4.3 percent, while the rouble rate against all other foreign currencies dropped by 2 percent.
"This dynamics of the rouble exchange rate promotes the policy of economic growth pursued by the government," Ignatiev said in conclusion.
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