Source Pravda.Ru

Central Bank's foreign currency reserves contract for second week in row

The amount of gold and foreign currency reserves of the Central Bank was$44.3bn as of September 1, having decreased by $100m in the preceding week.Since the amount of foreign exchange reserves fell by $300m before theprevious reporting date of August 23, in total, the foreign currencyreserves of the Russian Central Bank have reduced by $400m in the past twoweeks. As a result, the amount of foreign exchange reserves of thecountry's main bank has practically declined to the level achieved at thebeginning of August. A decrease in the amount of the Central Bank's foreignexchange reserves for two weeks in a row was last reported in January ofthis year, which was over 7 months ago. At the same time the Central Bank'sforeign currency reserves decreased only twice during almost seven monthsfrom February until August 23, except for the introduction of the newmethodology for the calculation of the amount of foreign exchange reserveson July 1. .

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