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News // Metal market

Russia's Gold, Forex Reserves Surged

19 April 2007 , 14:19494
Russia's Gold and foreign exchange reserves reached $356.6 billion on April 13, rising on $10.3 billion, or 3 percent, due to the Central bank's aggressive purchase of foreign currency on domestic market.

The reserves are stepping up for the seventh week running, having gained $45.5 billion, or 15 percent, as a result.

Another reasonof the growth is material appreciation of euro against dollar on world exchanges. However, as the value of Russia’s reserves is denominated in dollars, their depreciation vs. the European currency drives up the aggregate amount.

Euros account roughly for a half of Russia’s reserves, which stepped up by more than $50 billion from January 1 to April 13.

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