Source Pravda.Ru

Central Bank reserves grew by $2bn over past two weeks

The amount of gold and foreign exchange reserves of the Central Bank reached $50.2bn as of February 7. Therefore, it increased by $900m over the previous week. Since the Central Bank's reserves rose by $1.1bn over the period from January 24 until January 31, the overall volume of growth in the reserves amounted to $2bn over the past two weeks. Such a high rate of growth in the Central Bank's gold and foreign exchange reserves was last reported several years ago. Since the amount of the Central Bank's gold and foreign exchange reserves has exceeded the level of $50bn as of February 7, this sum has been brought in accordance with a declaration by Russian President Vladimir Putin, made during a visit to China in December 2002, that the amount of gold and foreign exchange reserves would reach that level by the end of 2002. At the same time it should be noted that the Head of State spoke about the amount of gold and foreign exchange reserves of $50bn to be accumulated before the end of last year. In fact, the achievement of this level was delayed by over one month.

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