The purchasing value of savings in cash euros gained 5.9 percent in January-July 2002. However, it lost 1.6 percent in July, due to a decrease in the nominal EUR/RUR exchange rate, experts say.
In January-July 2002, the nominal EUR/RUR exchange rate went down 14 percent. At the same time, the real EUR/RUR rate lost 7.3 percent, taking into consideration an increase in consumer prices in Russia and the Euro zone. It happened for the first time in July since the beginning of this year that the nominal EUR/RUR exchange rate gained 0.9 percent, which was the result of a rapid fall of the EUR/USD rate on the world market after its continuous growth. In addition, it was mentioned that the real EUR/RUR exchange rate strengthened and grew by 1.4 percent in July (for the first time since February 2002).
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969