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Wednesday, 4th February 2004 (4327 views)

Gold and foreign currency reserves in Russia will begin to stagnate this year, as stability comes to the stocks held there.<BR/><BR/>Deputy president of Bank of Russia Oleg Vyugin said Russia would stop increasing reserves in February-March of this year.<BR/><BR/>Mr Vyugin said unless the market underwent a drastic change the situation was inevitable.<BR/><BR/>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. <BR/><BR/>Speaking to Itar Tass he said the rising gold and currency reserves would be a very temporary characteristic.<BR/><BR/>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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