Russia's National Bank Governor arrives in Warsaw on official visit

Sergey Ignatiev, the head of Russia's central bank arrived in Warsaw yesterday following an invitation from Leszek Balcerowicz the head of the National Bank of Poland. "Russia is not endangered in the coming years by an economic crisis. We have created large currency reserves and we are systematically decreasing our foreign debts," Ignatiev said during a conference. He explained that if the price of oil falls from the current $29 to $12 a barrel due to a war with Iraq, Russia, which is the world's second largest oil exporter, is ready to cope thanks to a stable economic situation. The governor told journalists that Russia's GDP was 4.5% in 2002, with increasing budget revenues and a budget deficit of GDP 1.4%. (Rzeczpospolita, p. B2) A.K.