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Russia Adds $10 bln to Gold & Currency Reserves Since Year's Start

RUSSIA ADDS $10 BLN TO GOLD & CURRENCY RESERVES SINCE YEAR'S START

MOSCOW, March 5 (RIA Novosti) - Russia's gold and currency reserves increased by close on ten billion US dollars within the year's two initial months-to $134,153 million, reports the Central Bank.

Foreign currency reserves made $108,375 million, as of March 1, against $103,742 million of January 1. Special borrowing rights doubled to two million dollars. Russia's reserve position in the International Monetary Fund stayed unchanged, at three million dollars. The share of gold in the gold and currency reserves made $3,727 million, March 1, as against 3,732, January 1. The other reserve assets amounted to a lump $22,046 million, against 17,063 million of January 1.

Gold and currency reserves are at the joint disposal of the Central Bank of Russia and the federal government. They consist of assets in foreign currency, gold coin, special borrowing rights, the reserve position in the IMF, and other reserve assets.

Foreign currency assets consist of Central Bank and government currency assets in the form of cash, deposits in nonresident banks, and government and other securities issued by nonresidents with a rating no lower than A according to the Fitch IBCA and Standard & Poor's, or A2 according to the Moody's.

Reverse REPOs make up the other reserve assets.


LINK: http://en.rian.ru/rian/index.cfm?prd_id=160&msg_id=5453148&startrow=1&date=2005-03-05&am....