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Russia's international reserves rise for 13 weeks
RBC, 15.05.2008, Moscow 11:21:37.Russia's gold and currency reserves amounted to $536.8bn as of May 9, up $2.9bn, or 0.5 percent, from the previous showing. Given that reserves grew $52.9bn over the previous 12 weeks, they rose a total of $55.8bn, or 11.6 percent, during the past 65 working days. The rapid increase in reserves can be attributed to the euro's noticeable appreciation against the dollar on international exchanges, as well as the Central Bank's active acquisitions of foreign currency on the domestic market. As a result, Russia has slightly narrowed the gap separating it from China and Japan, the global leaders in terms of reserves. China now boasts more than $1.68 trillion in reserves, which surged $57.3bn in February alone. Meanwhile, Japan's reserves stood at $1.02 trillion as of late March.
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