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Russia’s Gold, Foreign Exchange Reserves Grew by $7.8bn
The country’s gold and foreign exchange reserves in the Central Bank of Russia grew by $7.8 billion (1.7 percent) to $474.0 billion as of December 28, 2008.
The reserves lost $1.2 billion as of December 21, 2007. But the recent growth of $7.8 billion (1.7 percent) made up for that decline 6.5 times.
As a result, Russia has neared the world leaders, China and Japan. China, for instance, has over $1.434 trillion in the stockpile. There, the reserves stepped up by $101 billion in the third quarter and widened by more than 45 percent in the first nine months of past year. Japan’s reserves exceed $945 billion.
The government planned to have $470 billion in gold and foreign exchange reserves by close of 2007, but lacked a few billion to attain the target.
The reserves amounted to $303.7 billion as of January 1, 2007.
www.kommersant.com
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Photo: Alexey Kudenko