It's emerged that the Russian Central Bank is being investigated over one-billion dollars reported to be missing from national funds.

The Interior Minister, Sergei Stepashin, told the Russian news agency, Interfax, that the investigation began after the devaluation of the rouble a few months ago.

He said police, the federal security service and the prosecutor-general were involved in examining central bank activities since 1992.

A ministry official said the missing money would help explain the rouble crisis, the national budget deficit and the lack of investment in industry.