Russian President Vladimir Putin, who is in Germany on a two-day visit, said Sunday that Russia is committed to further privatization of companies, liberalization of its currency and reforms of its banking sector.

"Any allegations about preparations by Russia to revise the results of privatization are groundless. Already now, we are preparing to privatize some 3,500 joint-stock companies and 8,000 state owned enterprises," Putin was quoted by Interfax as saying at the opening of the Hanover industrial fair.

Russia will complete all the preparations by 2007 for full currency liberalization by removing all the restrictions on operations with capital, the Russian president said.

"The restructuring of the natural monopolies and the reforms of the banking sector with a focus on boosting the competitiveness of domestic credit organizations will continue," he said.

Russia seeks to join the World Trade Organizations on standard conditions and plans to start negotiations on membership in the Organization for Economic Cooperation and Development, the Russian president said.

Putin arrived in Hanover Sunday afternoon on a two-day working visit to Germany, during which he attended the opening ceremony of the Hanover international industrial fair and is expected to hold talks with German Chancellor Gerhard Schroeder on bilateral ties.

Source: Xinhua