RUSSIA RELAXES RULES FOR FOREIGN INVESTORS.

The Russian Central Bank has announced new measures to allow foreign investors freer access to Russia’s high-yielding bond market. Under rules that will take effect on August 15, foreigners may open ruble accounts at specified Russian banks and purchase treasury bills at government auctions and in the secondary market. The Central Bank will determine, on a case by case basis, what share of each bond issue will be available for purchase by foreigners; it will also control the conversion of ruble profits into dollars and may continue to cap the yields of foreign investors. The move nonetheless represents a welcome signal that the Russian leadership wants to open its markets to foreign investment. (Interfax, July 19; Financial Times, July 20)

Political Consultative Council Meets.