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Mr Putin asked Mr Ignatyev to provide a price forecast for late 2002 – early 2003.

Mr Ignatyev said the price growth was mainly due to seasonal reasons. He proposed some changes to be made in the monetary policy to keep inflation within the 12% limit in 2003.

They also discussed a bill on currency regulation, which the Government planned to submit to the State Duma within a few days.

The bill takes into account the interests of industrial enterprises, and defines the mechanisms regulating capital flows in and out of the country. These mechanisms would protect the interests of the business community, as well as the interests of the government and the population, the President said.