October 14, 2004
Ruaaian Journal
MOSCOW - The gold and currency reserves of the Russian Central Bank jumped to $98.3 in the week ending October 8. The weekly increase hit its record high from February 2004 and amounted to $3bn. The Russian Central Bank has boosted its gold and currency reserves over the past seven weeks. The gold and currency reserves grew by $10bn in this period, which is a historic record high for a 35-day increase. The Russian Central Bank is actively buying dollars on the domestic market. It buys the US currency from first-tier banks, which sell revenue from exports, and from traders on the MICEX exchange.
Earlier representatives of the Russian Central Bank set a $100bn target for the gold and currency reserves for this year. Taking into account the current rate of growth, the gold and currency reserves are likely to exceed this benchmark rate before the end of this year. A $1.7 increase will suffice.
http://www.russiajournal.ru/news/cnews-article.shtml?nd=45903