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    ROUBLE GAINS ON DOLLAR AND EURO

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    MOSCOW, March 6, 2004. (RIA Novosti) -- According to estimates of the Bank of Russia, over the first quarter of this year the real exchange rate (i.e., the exchange rate adjusted to inflation in the countries of currencies) of the Russian rouble against the American dollar and the euro has strengthened by 4.5% and 3.1%, respectively, as compared to the December 2003 figure, and over March - by 5.3% and 6.1%, respectively. This data of the Bank of Russia have been published on the bank's official site.

    As compared to the respective period of 2003, the real exchange rate of the rouble against the dollar has strengthened by 20.3% and against the euro - by 3.5%, respectively, over the first quarter of this year, and- by 19.8% and 5.6%, respectively, over March 2004.

    Over the first quarter of this year, the nominal exchange rate of the rouble (the exchange rate not adjusted for inflation or reflation in the countries of currencies) has become stronger against the dollar and foreign currencies by 2.7% and 1.1%, respectively, and compared to the respective period of last year - by 10.5% and 0.5%, respectively.

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