Thursday, 12th February 2004 (3582 views)

Russian Deputy Prime Minister and finance minister Alexei Kudrin has said Russia needs gold and currency to ensure six-months' reserves to pay for imports

'This is essential for our country, because the lack of sufficient gold and currency reserves increases the risk in import contract payments in case of slumping oil prices,' he told the Novosti news agency.

He stressed that gold and currency reserves were a factor of regulating the course policy and the country's sovereign solvency.

In an interview with the Kommersant newspaper, Mr Kudrin pointed out that the Central Bank and the stabilisation fund had different tasks.

The finance minister said that the Central Bank would be handling the finances of the stabilisation fund.

'Since the Central Bank deposits its gold and currency reserves every month, it will be able to do the same with the stabilisation fund,'

Mr Kudrin said the money would be placed into absolutely safe securities, and not the securities of developing markets.

 

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