Source Pravda.Ru

Central Bank sees upsurge in its reserves

Gold and currency reserves of the Russian Central Bank amounted to $44.7bnas of August 16, thus rocketing $600m over the past week. The same rise inthe bank's reserves was observed a week earlier. In other words, gold andcurrency reserves of the Central Bank went up $1.2bn over the past twoweeks and $2.7bn since July 5, less than a month and a half ago.The Central Bank's gold and currency reserves have been rising over thepast seven weeks after new methods of their calculation were introduced.According to these methods, short-term obligations nominated in hardcurrency are not included in the bank's reserves. If we relied on the oldcalculation system, the bank's reserves would be increasing for a muchlonger period of time, i.e. from the beginning of April, or four months anda half.Experts forecast that gold and currency reserves of the Central Bank willhit a record of $45bn in a week..

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