MOSCOW. Oct 27 (Interfax) - Inflation in Russia will continue to grow and may reach 16-18% by the year's end, leader of the opposition Russian People's Democratic Union and ex-premier Mikhail Kasyanov said in an interview published by the latest issue of the weekly Novoye Vremya.

"I think it (the inflation) may reach 16-18% by international standards," he said.

"As always, the authorities are likely to declare inflation of 14-15% in December. Meanwhile, inflation will reach 40-50% for the poor who are only able to buy five or six commodities out of the 200-commodity consumer basket," Kasyanov said.

"The ruble will weaken inevitably. Authorities have actually devalued the ruble by 15% over the past month. Inflation will continue to grow," he said.

The amassed debt of Russia, primarily corporate, is $520 billion, Kasyanov said.

"By the way, that amount is equal to our current currency reserves. Those who think that the country has enough currency reserves must remember that we must transfer about $210-220 billion in payment of the foreign debt in the next few months," he remarked.

"It is necessary to immediately review budgetary expenditures on the basis of the oil price of $50 per barrel or even $30-40 instead of $95 planned for next year in order to save these reserves for the next generations," Kasyanov said.

"In fact, Russia is using state funds as a lever in the redistribution of property," he said.

"Our state entities are buying dirt-cheap such banks as KIT Finance, Svyazbank and Globex and thus forming their approximate cost for future sales. They will replace the current owners with 'appropriate' people and then supply them with financial aid from state reserves so that the new owners could repay external borrowings," Kasyanov said.