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Russia posts smallest rise in reserves in years
RBC, 27.03.2008, Moscow 13:41:22.Russia's gold and foreign exchange reserves stood at $502.2bn as of March 21, 2008, up $100m, or 0.2 percent from the previous showing. Coupled with a $21.1bn rise over the previous five-week period, the reserves have now increased by $21.2bn, or 4.4 percent, over the past 30 business days. The rise, which has been the smallest in several years, has been fueled by the euro's considerable appreciation against the dollar on international exchanges, as well as significantly larger amounts of foreign currencies bought up by the Central Bank on the domestic market. As a result, Russia has been able to somewhat narrow the gap separating it from the world leaders in international reserves, China and Japan. China's reserves currently exceed $1.65 trillion, having increased by more than $57.3bn in February alone and $61.6bn in January, due to the country's huge trade surplus. Japan currently boasts over $1 trillion in reserves.
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