Wednesday, 4th February 2004 (2968 views)

Gold and foreign currency reserves in Russia will begin to stagnate this year, as stability comes to the stocks held there.

Deputy president of Bank of Russia Oleg Vyugin said Russia would stop increasing reserves in February-March of this year.

Mr Vyugin said unless the market underwent a drastic change the situation was inevitable.

The quick growth of gold and foreign exchange reserves in December 2003 by $9 billion and by another $6 billion at the beginning of 2004, was, according to Vyugin, evoked by a large influx of funds from foreign banks investing in various ruble assets.

Speaking to Itar Tass he said the rising gold and currency reserves would be a very temporary characteristic.

At the moment Russian gold and currency reserves have reached record volumes. On January 29 the total made $82.7 billion.

 

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