President Boris Yeltsin issued a decree setting up a national banking council to coordinate financial policy in the wake of last week's ruble crisis, an aide said Wednesday.


The council, to be headed by the chairperson of the Central Bank, would liaise between the government, the Central Bank and the president on financial and monetary matters, said Igor Milyukhin, deputy head of Yeltsin's analytical center.


"The council will coordinate policy of all leading financial institutions," he said.


"The recent developments on the currency market resulted from bad coordination of actions, and the council will help prevent such things happening in future."


Itar-Tass quoted the decree as saying the council would bring together representatives of Yeltsin's administration, the government, commercial banks and experts.


Milyukhin said the new body would not have any control over the Central Bank.


"The council will fulfil merely coordinating functions. The Central Bank's status is sealed in the constitution and the council will only advise on its policy."