Source Pravda.Ru

Central Bank's gold and currency reserves post first drop in 1.5 months

The volume of gold and foreign currency reserves of the Russian CentralBank was $44.4bn as of August 23, 2002, a decrease of $300m in a week. Adrop in the Central Bank's gold and foreign currency reserves was lastposted on July 5 this year, i.e. more than 1.5 months ago. Additionally,last time the drop was only due to the new method of calculating gold andcurrency reserves without taking into account the short-term hard currencyliabilities of the Central Bank. But if the old method of calculating goldand foreign currency reserves is taken into account, then the last drop wasfixed on March 29, i.e. nearly five months ago. Moreover, this last drop inthe volume of the Central Bank's gold and currency reserves was only $200m,i.e. $100m less than on the last reporting date. In any event, the figureof the Central Bank's reserves returned to the level posted in the firstdecade of August. .

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