MOSCOW. Sept 8: Embattled central bank chief Sergei Dubinin became the latest victim of the Russian financial crisis yesterday, tendering his resignation even as the rouble continued its headlong slide into oblivion, reports AFP.

Blasting parliament and acting Premier Viktor Chernomyrdin for hampering his efforts to save the collapsing Russian economy, Dubinin sent a letter to President Boris Yeltsin offering to resign.

The Kremlin, training Its eyes on Chernomyrdin's own struggle to get confirmed as Prime Minister, had yet to respond by late Monday afternoon to Dubinin's request.

But the central banker has faced deafening criticism for unhooking the rouble from the dollar and then admitting he could not defend the Russian currency with central bank reserves.

The result has been an unprecedented rouble nosedive, the currency hurtling down some 20 per cent in interbank deals to an afternoon spread of 21-21.5 to the dollar while the central bank chose to set its official rate at 18.9. Fixing the rouble to the dollar proved impossible again as few green-

backs were on offer.

"Commercial banks are not prepared to work normally on the market, but banks and the population need a fixing rate." central bank official Andrei Cherepanov was quoted by Itar-Tass as saying. The central bank later set its official rate at 18.9 to the dollar.

The rouble's woe has dragged stocks to all-time lows andeq-uities gained little respite Monday ending another thin day's trading flat.

Markets found little to cheer about as Chernomyrdin reiterated his economic priorities to parliament shortly before being rejected in a second vote on his candidacy for prime minister.

"It Is clear that the situation will not get better in two days or two months. But we must keep things from getting even worse. Chernomyrdin said, detailing for a strong industrial policy, support for exporters, tax reform and controlled rouble printing as his panacea for Russia's serious economic ailment.

Dubinin's fall from grace was the second time he has lost his Job over a rouble fiasco. The respected academic and former banker was fired from the Finance Ministry after the rouble

lost more than 20 per cent on October 11. 1994.

In his letter of resignation on Monday. Dubinin said he could no longer work under circumstances In which both the Russian parliament and acting prime minister were openly calling for his head.

But he flatly blamed the opposition-led state Duma, lower house parliament, for dragging its feet on pivotal legislation he wanted to be passed to help Russia and its ailing banking system through the acute financial misery.

"Under my leadership, the central bank did not print worthless money, Dubinin wrote to Yeltsin In a resignation letter cited by Itar-Tass.

"However, monetary policies cannot forever compensate for weaknesses In tax collection and the management of national debt, both Internal and external." Dubinin wrote.

It was Dubinin's decision, taken in conjunction with then Premier Sergei Kiriyenko. to let go of the rouble on August 17 after months of Insisting that the currency was safe. Kiriyenko was sacrificed a week later, but Dubinin has hitherto scoffed at repeated calls for his ouster.

Analysts said that his resignation. which if accepted would leave the country floundering in economic chaos with neither a central bank chief nor a confirmed prime minister, would merely add insult to Injury to Russia's wretched financial markets.

"He presided when the rouble was steady," said Al Breach, economist with the Russia's European Centre for Economic Policy. "Basically on that he was pretty decent."

Breach added that the days of central bank Independence, during which it has run a tight monetary policy at least since October 1994, might be numbered. particularly as Chernomyrdin hinted darkly Sunday evening that the way the bank was run might have to be changed.

Tne central bank has been doing what it wants to do and it is quite possible It won't be doing that anymore." Breach said.

"He obviotisly had a good knowledge of the situation." added Tom Brackenbury of the Rinako Plus Brokerage Firm. The feeling is that the change could not necessarily be for the better. I am not aware that anyone knows of a suitable replacement."