Russia’s gold and foreign currency reserves stood at $455.2 billion as of November 9, up $7.3 billion or 1.6 percent from $447.9 billion a week before, the Central Bank of Russia has reported.
From October 5 to November 2, the reserves went up by $23.1 billion. In the last five weeks, from October 5 to November 9, they increased by $30.4 billion, or 7.1 percent.
The significant rise in such a short time could be due to the Central Bank’s increased acquisition of foreign currency on Russia’s forex market, bringing the reserves to their highest level ever recorded.
As a result, Russia has slightly reduced its gap from China and Japan, which have the largest gold and foreign currency reserves in the world. China’s reserves top $1.434 trillion, up $101 billion in the third quarter of this year alone and a more than 45 percent increase from January to September 2007 compared with the same period a year ago. Japan has over $945 billion.
The draft guidelines of the state monetary and credit policy for 2008, published by the Central Bank of Russia, say that the gold and foreign currency reserves will increase by $114.9 billion in 2007. In 2008 they are projected to rise by $37.9 billion to $68.4 billion, depending on Russia’s macroeconomic policy. In 2009 the reserves are expected to increase by between $8.6 billion and $46.3 billion. In 2010 they could drop by $4.5 billion or rise by $5.6 billion and $20.8 billion.
Meanwhile, from January 1 to November 2, Russia’s gold and foreign currency reserves increased by $144.2 billion, which is $29.3 billion more than the Central Bank had projected for the whole year.
Gold and foreign currency reserves are highly liquid financial assets controlled by the Central Bank and the Finance Ministry. They consist of monetary gold, special drawing rights, the reserve position in the International Monetary Fund, and foreign currency.
Lightning cracks the blackened sky,
Hear the thunder chariot ride
All brave men with hearts of war
Ride the path of mighty Thor
