Tuesday, 22nd June 2004 (2891 views)

The Central Bank of Russia has unveiled latest forecasts for the gold and currency reserves at the Russian Federation.

According to the first deputy chairman of the board, Alexei Ulyukayev, the reserves are set to grow by $20-25 billion in 2004.

Speaking at an international investment conference, Mr Ulyukayev said: "In the first half of 2004 the gold and currency reserves will grow by $10 billion and in the second half - by over $10 billion."

The Central Bank also stated that by the end of this year the nominal dollar exchange rate will total 29.5-30 rubles per dollar, according to Novosti.

It added that under this and 10 per cent inflation, the effective ruble rate will not go above seven per cent.

 

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