Central Bank's reserves keep growing

As of August 8, 2003, the volume of gold and currency reserves of the Russian Central Bank amounted to $64.6bn increasing by $200m over the previous week. Experts report that the Central Bank's reserves have been increasing for the third consecutive week, starting on July 18. A total rise in the Central Bank's reserves over these three weeks reached $800m.

Despite this rise, the reserves are still lower than those registered as of May 30, which was more than two months ago, when the Central Bank posted reserves of $64.7bn. Central Bank's Senior Deputy Chairman Oleg Vyugin predicted a little earlier that the gold and currency reserves would rise insignificantly to $65bn or 66bn or remain unchanged until the end of this year compared to the present figure.

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