``At this very moment Russia has not, by far, what is needed for a currency board,'' said the IMF's director general, Michel Camdessus yesterday.

He said Russia has a ``very urgent agenda,'' adding it must ``stop printing money for the wrong purposes and put the budget in order.''

Establishment of a functioning currency board requires a rigorous political economy, strong levels of foreign exchange reserves and a solid banking system, said Camdessus.

He did not exclude the possibility that Russia could put such a board in place in the future.

Yesterday, Russia's acting premier Viktor Chernomyrdin had mentioned plans for a currency board as part of his mixed prescription for the ailing Russian economy. Calling for short-term relations to pay off a wages backlog, with drastic belt-tightening later to save the rouble, Chernomyrdin promisedan ``economic dictatorship'' to pull his country out of its breathtaking financial nosedive.

Chernomyrdin said he would in time strap Russia to a currency board, a strict monetary regime which combats hyper-inflation by tying a currency to central bank reserves.