Tuesday, 7th June 2005 (2573 views)

Russia's gold and foreign currency reserves increased to $147.360 billion in May from $144.255 billion, the Central Bank reported.

The reserves, which are the highest for any country outside Asia, rose by 2.15 per cent ($3.105 billion) in May and the increase has led to an all-time high for the country.

The Central Bank of Russia has forecast that the amount of the gold reserves in Russia at the end of the year will be valued between $170 and $175 billion.

The Central Bank's first deputy chairman, Alexei Ulyukayev, told RIA Novosti: "The annual gold reserve growth will amount to $48 billion, with the oil price at the level of $43 for barrel."

Russia's gold and forex reserves are highly liquid financial assets of the Central Bank and Russian government in foreign currency, monetary gold, special drawing rights and reserve positions with the International Monetary Fund and other reserve assets.

 

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