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Russia piling up gold and currency reserves
RBC, 26.06.2008, Moscow 13:59:07.Russia's gold and currency reserves stood at $558.7bn as of June 20, up $7.2bn, or 1.3 percent, from the previous showing. Combined with a $70.5bn rise over the previous 18 weeks, reserves have climbed a total of $77.7bn, or 16 percent, in 95 working days. The rapid increase in reserves can be attributed to the euro's significant advance against the dollar on international exchanges, as well as a stepping-up in the Central Bank's purchases of foreign currency on the domestic market. As a result, Russia has somewhat narrowed the gap separating it from China and Japan, the global leaders in terms of reserves, which exceed $1.75 trillion in China and amount to roughly $1.015 trillion in Japan.
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