Russian Economy: Trends and Perspectives FEBRUARY 2004

On the progress of reforms in February of 2004          3
The State of the Federal Budget                         4
Military and related expenditures of the federal budget in 2004	7
Modeling investment of pension savings on the market
of subfederal and municipal bonds                       11
Monetary Policy                                         14
Financial Markets                                       16
The Real Sector: Factors and Trends                     27
IET Business Survey: Industry in February of 2004       30
Regions: Dynamics of Industrial Output                  31
Foreign Trade                                           33
Privatization: some results of 2003                     35
February of 2004: Political and economic outcomes       38
Forecasting certain macroeconomic indicators            40
Concepts and technical specifications pertaining to 
elaboration of draft federal laws discussed by the 
RF Government at its meeting of February 26, 2004       42
Review of economic legislation: February of 2004        45