08/26/1998 12:29:31 RUSSIA C.BANK SAYS NOT REASONABLE TO CONTINUE WIDE-SCALECURRENCY INTERVENTION
MOSCOW, Aug 26 (Reuters) - The Russian central bank on
Wednesday said it would refrain from major interventions in the
currency markets because it was virtually the only seller of
foreign currency for roubles.
"The Central Bank of the Russian Federation does not
consider it reasonable to continue to undertake large-scale
foreign currency interventions as it is pratically the only
seller of foreign currency on the domestic market, which would
inevitably lead to a reduction in Russia's reserves," the
central bank said.