Russian news agencies also quoted Chernomyrdin as saying he had no plans to end the internal convertibility of the rouble but would take measures to prevent the flight of capital out of the country. "We are already part of the world economy and there will be no return to the past," Itar-Tass news agency quoted Chernomyrdin as saying.

Chernomyrdin, who is trying to persuade parliament to approve him in the post of prime minister amid a deep economic crisis, also vowed to fully protect the savings of Russian citizens, now imperilled by the rouble's steep declines.

"We have taken the decision to guarantee people's savings in full. The government and the central bank are working out a mechanism to carry out this decision," Tass quoted him saying.

RIA news agency quoted Chernomyrdin as saying his cabinet would not close down currency exchange bureaux because this would spark the creation of a black market that would evade the tax authorities. He said details of his new economic programme would be given "in the coming days".

Meanwhile, Russian president Boris Yeltsin is spending the weekend at a country residence preparing for next week's summit meeting in Moscow with US president Bill Clinton, the Kremlin said on Saturday.

Yeltsin, who also spent much of the past week outside the capital despite Russia's deepening financial and political mayhem, will host Clinton on September 1-3.

Their talks are expected to focus on Russia's plans to fight its economic crisis amid growing western fears about the future of its market reforms.

The Kremlin press service also said Yeltsin would meet acting prime minister Viktor Chernomyrdin on Monday. Chernomyrdin is struggling to win parliamentary backing for a new government.

Yeltsin summoned Chernomyrdin last Sunday to form a government, five months after sacking him as prime minister for dragging his feet over reforms.

He said Russia needed a `heavyweight' politician at the helm in such stormy times.

The 67-year-old president will visit a Moscow school on Tuesday and will then devote most of his time to Clinton's visit, the Kremlin press spokeswoman told Reuters.

The visit will include two rounds of presidential talks with only their closest advisers and a banquet in Clinton's honour on Wednesday evening.On Thursday the two presidents will sign some bilateral documents and give a joint news conference.

Clinton, along with other western leaders, has offered Russia moral support during its present difficulties but has said Moscow must press on with tough market reforms as a condition for continued financial backing.

On Friday, Yeltsin quashed rumours that he might be ready to step aside to take responsibility for Russia's economic turmoil, which has seen the rouble tumble against the dollar and sparked a run on the banks by worried Russians.

But, Yeltsin has also indicated he may be ready to share some of his vast powers with parliament in a bid to win its approval of Chernomyrdin.

Despite his refusal to resign, analysts say Yeltsin has been greatly weakened by Russia's latest crisis. In recent public appearances he has also sometimes appeared tired and confused.