RUSSIA LOWERS REFINANCING RATE.

Russia’s Central Bank is lowering the annual refinancing rate to 60 percent as of today. (RTR, June 4) On May 27, the Bank had raised the rate to 150 percent in a determined effort to ward off speculation against the ruble. For the time being at least, the defense seems to have been effective and markets have stabilized. Government bond and treasury bill rates have been falling for several days. (See Monitor, June 4) Winding up a two-day visit to Paris yesterday, Prime Minister Sergei Kirienko said the immediate crisis was over: The stock market is stabilizing and Russia does not need any new loans at the moment, he said. (Itar-Tass, June 4)

YELTSIN REFUSES TO SIGN LATEST VERSION OF LAND CODE.