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Russia piling up gold and currency reserves
RBC, 20.03.2008, Moscow 11:37:37.Russia's gold and currency reserves stood at $502.1bn as of March 14, 2008, up $7.6bn, or 1.5 percent from the previous showing. This has been the highest increase in reserves since the beginning of the year. The reserves climbed a total of $13.5bn over the four previous weeks, and therefore, the overall increase amounted to $21.1bn, or 4.4 percent, in five weeks. The rapid rise can be attributed to the euro's considerable increase against the dollar on international exchanges, as well as to the Central Bank's active foreign currency acquisitions on the domestic market. As a result, Russia has been able to somewhat close up the gas separating it from the world leaders in reserves, China and Japan. China's reserves currently exceed $1.5 trillion, having climbed more than 43 percent in 2007 alone, due to the country's huge trade surplus. Japan currently boasts over $1 trillion in reserves.
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