Economy Booming

June 2004 | Market Strategy

Russia's economy ministry has suggested that the rouble's appreciation over 2004 against the euro-dollar basket could be has high as 9.7%. This is in direct conflict with the Central Bank of Russia's (CBR) stated aim of preventing the currency surging more than 7.0% in 2004, and bares out our long-held view that the monetary authority will be forced to release its present tight grip on RUB/US$. Indeed, the inflationary outlook continues to become a more pressing problem for the CBR with the economy ministry forecasting H104 economic growth at 7.5% and possibly looking to up its full year projections on

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