The policy of floating Ruble exchange rate was a major policy objective during 1999. At the end of the year, The Bank was still preparing policy on this issue. There was no indication of a monetary policy plan on this topic at the end of the year. From a liquidity perspective (i.e. liquidity position), CBR was not yet ready to introduce floating Ruble exchange rate for other monetary instruments during 1999.
The Role of the Central Bank. The role of the CBR in the monetary policy for year 2000 was defined in a number of documents. Specifically, there are two documents: The Central Bank's Official Program for the Monetary Policy of the Republic, approved by the Board and the Government on April 14, 1999; and The Central Bank's Monetary Policy Plan for Year 2000, approved by the Cabinet on July 1, 1999.
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Financial Policy in 2000 Monetary Policy. On October 14, 1999, the Government discussed The Basic Guidelines of the Single Government Monetary Policy for Year 2000 prepared by the Central Bank. According
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