Article: Central Bank's Steps Still Hard To Predict, THE ST. PETERSBURG TIMES

Victoria Lavrentieva
The St. Petersburg Times (Russia)
12-21-2001
What is the Central Bank doing with the government's dollars? Paying off
foreign debt? Defending the ruble? Shifting cash to other accounts?
Nobody seems to know for sure, and the Central Bank offered a vague
explanation as to why on Thursday. After reaching an all-time high of $38.8
billion on Oct. 26, reserves have fallen $2.6 billion, mostly in the last
two weeks, in the largest fall since the dicey days before the 1998 default
and devaluation.
On Thursday, the day the Central Bank makes its weekly announcement of
reserve levels as of the end of the previous week, it pleasantly surprised
the market with news that reserves were ...

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