A revised tax code remains stuck in the Duma, while little progress is being made on agricultural land reform. Small business development has lagged. Prospects for a return to robust growth have been set back by the spillover from Asia's financial turmoil, which hit Russia hard during the last quarter of 1997. Moscow at first tried to both support the ruble and keep interest rates down, but this policy proved unsustainable, and in early December 1997 the Central Bank let interest rates rise sharply. Because of Russia's severe macroeconomic constraints, resources allocated to the military sector have declined sharply since the implosion of the USSR in December 1991.
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