Russia's President Vladimir Putin, center, holds a bar of gold.
Photo: Dmitry Azarov
| Other Photos |
 |
|
 |
Russia’s Gold, Foreign Exchange Reserves Grew 5.4 Percent in 4 Wks
Russia’s gold, foreign exchange reserves reached $447.9 billion as of November 2, 2007, having widened by $6.6 billion, or 1.5 percent, vs. the previous indicator.
The reserves stepped up by $16.5 billion from October 5 to 26, so the four-week gains amounted to $23.1 billion, or 5.4 percent.
The reason of this material growth is aggressive purchase of foreign currency by Central Bank of Russia (CBR) on domestic market. Today’s level of Russia’s gold and foreign exchange reserves is the record high during all history of the Soviet Union and Russia and the country has neared the world leaders, China and Japan, in this indicator.
China’s gold, foreign exchange reserves exceed $1.434 trillion. The reserves grew by $101 billion in the third quarter, while the nine-month growth was above 45 percent vs. the respective period of the previous year.
Japan has laid aside more than $945 billion.
According to the 2008 monetary and credit policy guidelines of the CBR, Russia’s gold and foreign exchange reserves will step up by $114.9 billion in 2007, while the 2008 growth is estimated at $37.9 billion to $68.4 billion and they are forecasted to widen $8.6 billion to 46.3 billion in 2009 depending on the scenario for macroeconomic policy development. In 2010, the reserves will probably go down by $4.5 billion or increase by $5.6 billion to $20.8 billion.
www.kommersant.com
|
|
|
