Oct 28, 2004
Moscow News
On Thursday, October 28, the Russian Central Bank announced that the country’s gold and foreign currency reserves hit another historic high at $105.2 billion. Just a week ago MosNews reported that Russia’s reserves exceeded $100 billion, and now a new record has been set.
The reserves have grown by $5 billion, driven by high world oil prices and currency market jobbers. The market participants explain that Russian oil companies keep bringing in dollars that they receive as profits from the sale of crude. At the same time, Western currency jobbers also bring their capital to Russian market driven by dollar’s decline on international currency markets.
The data of Bloomberg agency shows that Russia’s has jumped up two notches on the list of countries with largest currency reserves. In April MosNews reported that Russia has world’s 9th largest currency reserves with $83.6 billion. Now, as Bloomberg reports, Russia is placed 7th, having outraced Singapore whose gold and currency reserves have amounted to $102.8 billion as of September 30.
http://www.mosnews.com/money/2004/10/28/reserves.shtml