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Russia’s Gold/Ex Reserves Up to $356.6 Billion
Gold and foreign exchange reserves of the Central Bank of Russia (CBR) reached $356.6 billion as of April 13, manifesting the growth of $10.3 billion, or 3 percent, vs. the previous amount. The reserves are stepping up for the seventh week running, having gained $45.5 billion, or 15 percent, as a result.
The root cause of this notable increase in gold and foreign exchange reserves of the country could be the CBR aggressive purchase of foreign currency on domestic market.
Another reason is material appreciation of euro against dollar on world exchanges. Nowadays, a euro costs much more in terms of the U.S. currency worldwide than just a week ago. But as the value of Russia’s reserves is denominated in dollars, their depreciation vs. the European currency drives up the aggregate amount.
Euros account roughly for a half of Russia’s reserves, which stepped up by more than $50 billion from January 1 to April 13.
www.kommersant.com
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