Economy Ministry posts forecast on gold and currency reserves

According to estimates of the Economic Development and Trade Ministry, Russia's gold and currency reserves will rise to $49bn by the end of this year, Senior Deputy Economic Development and Trade Minister Ivan Materov announced at a briefing today. He stated that gold and currency reserves had been at $36.6bn as of January 1, 2002, and at $47.1bn as of November 8, 2002. "In the event the upward tendency regarding gold and currency reserves continues until the end of this year, the reserves will rise by $1.5-2bn compared to current figures," the official stressed.

In addition, Materov reported a four-fold reduction in capital flight - from $12bn in January-September 2001 to $3bn in the first nine months of 2002.