Russia denies any possibility of devaluation or default in 2003

ChrisD(RJ) chrisd at russiajournal.com
Wed Aug 7 23:37:30 PDT 2002


Kudrin denies any possibility of devaluation or default in 2003

MOSCOW. Aug 7 (Interfax) - Russian Deputy Prime Minister and Finance Minister Alexei Kudrin has completely denied any possibility of ruble devaluation or default on foreign debts in 2003.

"I am ready to say today that we will not have any default or devaluation

that would reduce citizens' savings and make people transfer them into dollars or euros," he told journalists on Wednesday.

Kudrin stressed that in 2003, there will be no devaluation of salaries, and they will be indexed for inflation. The minister said this will be possible due to the balanced 2003 draft budget.



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