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Russia's gold and currency reserves extend gains
RBC, 22.03.2007, Moscow 15:14:10.The Bank of Russia's gold and foreign currency reserves amounted to $321.7bn as of March 16, up $4.4bn, or 1.4 percent, from the previous showing. This was the biggest weekly gain since February 9, or in over a month. Hence, the reserves have been rising for three weeks straight, with the increase amounting to $10.6bn, or more than 3 percent, over this period. The noticeable growth in Russia's reserves may be attributed to the Central Bank's stepped up foreign currency purchases on the domestic market. Still, Russia has only been able to slightly narrow the huge gap separating it from China and Japan, the world's leaders in terms of gold and foreign exchange reserves.
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