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. Last Updated: 07/27/2016


In Venezuela for an international conference on the Asian financial crisis, the head of the International Monetary Fund, Michael Camdessus, expressed confidence that the ruble would remain stable following recent moves by the Central Bank to tighten monetary policy.

Deputy Finance Minister Oleg Vyugin gave the first indication that the government may slash 1998 spending, predicting that revenues would not meet targets in the budget under parliamentary consideration. Vyugin said he agreed with forecasts that debt service payments would have to be increased and other spending cut.

Economics Minister Yakov Urinson said his ministry has lowered its forecast for growth of Russia's gross domestic product in 1998 to 1.2 percent from 2 percent due to the global financial crisis.

Despite a slight worsening in the treasury bill market Friday due to profit-taking, yields ended the week down 6.62 percent.