Former head of the Central Bank Sergei Dubinin and former first deputyhead of the Central Bank Sergei Aleksashenko on Feb. 11 addressed an openletter to President Boris Yeltsin, Prime Minister Evgenii Primakov, StateDuma Speaker Gennadii Seleznev and Federation Council Chairman Egor Stroyev.The point of the letter is was to persuade Russia’s leaders not deprivethe Central Bank of its independence.

Dubinin and Aleksashenko believe there were many reasons to makesuch a public appeal. First, the State Duma has begun to consider draftamendments to the law "On The Central Bank Of Russia" which essentiallycalls for placing the Central Bank under parliament control. Secondly,the Prosecutor’s General office has filed one accusation after anotheragainst the former leaders of the Central Bank. Then on Feb. 1 when formerprosecutor general Yuri Skuratov sent a letter to the State Duma highlightingviolations in the Central. In particular, the letter said that the formerleaders of the Central Bank stole several tens of billions of dollars ina scam that involved FIMAKO, offshore company.

Dubinin and Aleksashenko stressed there is a very real danger withparliamentary and presidential elections approaching it may well happenthat he who takes the Central Bank under control can simply force it toswitch the ruble printing machine on.

Dubinin and Aleksashenko accused the former prosecutor general ofinflicting damage on the state by divulging confidential information ofhigh importance. They said the fact is that FIMAKO was created with theprimary goal to protect Russia’s gold and foreign currency reserves frompossible creditor claims. Now since the information has been leaked tothe press, the country will not be able to resort to this scheme in thefuture.