PORTFOLIO INVESTMENT RISES IN MAY.

Reflecting a shift bybanks from currency speculation to long-term investments and awillingness of some Westerners to reenter the Russian market, portfolio investment in Russia rose to $200 million during May1995, Interfax reported July 6. More than half of the new fundscame from Russian sources. Deputy economics minister Yakov Urinsontold Segodnya July 6 that Moscow should not expect toomuch Western investment until after next year’s presidential elections.Yet another drag on investment is an effort by the Duma to havea say in all major privatization decisions. Segodnya reportedJuly 6 that the Duma had passed a measure giving the parliamentthat right, but the paper said that a presidential veto was inevitable.

Moscow Says Agreement Reached on Debt Rescheduling.