RUSSIAN HARD CURRENCY RESERVES INCREASE.

Russian state reserves of hard currencies exceeded $6.5 billion, Central Bank currency department head Aleksandr Potemkin told Russian radio June 20. Such an increase in reserves shows that the recent rise in the ruble against foreign currencies–a rise that continued June 20–reflected improved economic fundamentals rather than government intervention. But polls show that an overwhelming percentage of Russians do not believe that or that the ruble will not fall again, Russian radio reported June 19.

Many Joint Ventures Remain on Paper.