Central Bank: Russians Dump Dollar For Ruble In 1st Half - Agency

MOSCOW -(Dow Jones)- Russians abandoned the dollar at an unprecedented rate in the first half of this year, the news agency RIA Novosti reported Central Bank deputy chairman Alexei Ulyukayev as saying Friday.

Ulyukayev told a press conference - to which foreign press weren't invited - that dollar assets held by the population had fallen by $5.1 billion in the first half of this year - three times the rate seen in the corresponding period in 2005.

"This pace can hardly increase any further," Ulyukayev said. "As a whole, it is a positive phenomenon for the economy, it is controllable and won't result in any kind of collapse."

Agency Web site: http://www.rian.ru

-By Geoffrey T. Smith, Dow Jones Newswires; (+7 495) 974 8055; geoffrey.smith@ dowjones.com

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