Russia » Economics
Author`s name Michael Simpson

RF Gold and FOREX Reserves Exceed $80 Billion

Increase in gold and FOREX reserves is one of the best positive results of 2003, Vladimir Putin says
The gold and FOREX reserves of the RF Central Bank increased by $3.6 billion within a week to the historically maximum showing of $82.7 billion. The Bank of Russia PR relations department reports that Russia's gold and FOREX reserves made up $82.7 billion as of January 23 vs. the $79.1 billion fixed a week ago.

Earlier, President Putin commented upon the increase in the gold and FOREX reserves and said that the showing gave Russia the second position in the world. The country follows Japan with the gold and FOREX reserves that may cover foreign purchases during 19 months. The Bank of Japan had to buy up dollars to save the national currency from collapse; the gold and FOREX reserves of the country reached $626 billion by November 2003. Russia's currency market is much smaller today that is why forced interventions of the Central Bank are much smaller.

Meanwhile, the RF president thinks this increase in the Central Bank's gold and FOREX reserves "is one of the outstanding positive results fixed in 2003."  According to Vladimir Putin, the increase still goes on.
 
The Vedomisti newspaper reports that the Central Bank of Russia may resort to other measures to reduce the speculative pressure exerted upon the dollar. Central Bank spokespersons say they are ready to introduce reservation for currency transactions makers at the rate of 20 per cent for the period for up to a year and up to 100 per cent for the period of up 2 months. This will be possible as soon as a law on currency regulation comes into effect in the middle of June 2004. 

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