Convergence of official and inter-bank rates, thus unifying the two.

However, inter-bank rates are generally slightly higher and certainly more volatile than rates in the traditional market.

Traders expect a half-point rise in the overnight inter-bank rate, which is currently 3.75 percent, after the Fed's meeting Tuesday.

Operators expect the dollar to benefit from a half-point rise in the overnight inter-bank rate by the Fed, which meets Tuesday.

In the light of these two developments, the clearing banks have moved to a system whereby their base rates are now largely determined by the prevailing inter-bank rate.

The value of the ruble, which had plummeted to 110 to the dollar, rose to 70 rubles to the dollar for cash transactions, while the inter-bank rate still hovered around 200.

Relatively high interest rates of 11.75 percent (the three-month, inter-bank rate), however, mean that financing the public debt consumes large amounts of Government revenue, and money remains expensive for companies seeking a way out of recession.

To cite just a few examples, the EMI met with representatives of European Union-wide banking and financial associations to discuss issues such as the replacement of contract prices that may become meaningless after the start of Stage Three and inter-bank rates.