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MOSCOW () -- Twice as many cash dollars as rubles are in circulation in Russia and the Central Bank is stepping up measures to control and reduce them, a bank official said Friday.
"If the giant dollar bulk starts sloshing around it will be like a bull in a china shop. There are too many dollars here," said Viktor Melnikov, head of the central bank's main department for currency regulation and control. He declined to say how many dollars were in circulation.
Melnikov said the huge amount of dollars in Russia was a matter of concern in the West. He said that between January and October, hard currency influx totalled $15 billion cash, while $103 million had been taken out of the country.
Dollars Double Rubles
17 December 1994
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