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    ECONOMIC DEVELOPMENT MINISTER: PRESENT POLICY OF CURRENCY RATE FORMATION IN RUSSIA IS OPTIMAL

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    MOSCOW, February 18. /RIA Novosti correspondent/. Economic Development Minister German Gref considers that the current policy of currency rate formation in Russia to be optimal.

    "I think that the policy of currency formation pursued at present is optimal," Gref said Wednesday, speaking before students and professors at the National Economy Academy under the Government of Russia.

    Today our economic growth rate is high even while the ruble is getting stronger," the minister said. At the same time he expressed a view that "we have no centralized instruments in our monetary and crediting policy to slow down the strengthening of the ruble."

    In some countries, he said, including the CIS states, funds for obligatory reserving are used for sterilizing money supply. In Gref's view, increasing such a fund in Russia's conditions will "cause economic imbalances." Therefore it must not be done, he said.

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