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Russia’s Reserves Grow to $595 Billion
Russia’s international reserves amounted to $595.902 billion as of August 1, 2008, the Central Bank of Russia reports. At the beginning of the year, the reserves totaled $477.89 billion. Thus, they have grown $120 billion in eight months. Reserve assets in foreign currency at the end of July were $462.046 billion, the reserve position in the International Monetary Fund is $384 million and special drawing rights are $1 million. Gold holdings, assessed at the end of July, were worth $13.887 billion. Other assets were worth $119.584 billion.
The international reserves are accumulated in foreign currency, monetary gold, special drawing rights, the reserve position in the IMF and other assets. Cash and bank deposits in nonresident banks of the Russian government and Central Bank make up the reserve’s foreign currency assets. “Other reserve assets” include reverse repurchase agreements. Since September 1, 1999, the sum equivalent to the foreign currency in Central Bank correspondent accounts of resident banks, as well as the sum provided by Vneshekonombank for the servicing of the state foreign debt, have been counted among the assets.
Since January 1, 2006, monetary gold has been assessed at current Central Bank quotations. Before that, a fixed price of $300 per troy ounce was used.
www.kommersant.com
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Photo: Svetlana Nefedova