Gold bars specially issued for the 2008 Beijing Olympics displayed in a shopping center in Beijing. Each set of gold bars includes four 99.99-percent pure gold bars weighing 50g, 100g, 500g and 1kg.
Photo: Reuters
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Gold and Currency Reserves $506 Bln
The Central Bank of Russia gold and currency reserves on March 28, 2008, totaled $506.8 billion, an increase of $4.6 billion, or 0.9 percent, over the previous indicator. The reserves grew by $21.2 billion in six weeks. They grew by $25.8 billion, or 5.4 percent, in the last 35 business day.
The cause of the reserves' rapid growth may be attributed to the very noticeable strengthening of the euro against the dollar on international exchanges and to the Central Bank's very active purchasing of foreign currency on the domestic market.
As a result, the Russian gold and currency reserves moved somewhat closer to the world's two top reserves holders, China and Japan. The reserves of the People's republic of China are worth more than $1.65 trillion. They grew by %57.3 billion in February and $61.6 billion in January. That growth rate was the best among all the countries in the world and was mainly due to the huge trade surplus created by its ever growing exports to the United States. The gold and currency reserves of Japan are worth over $1 trillion.
www.kommersant.com
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