Central Bank forecasts rise in currency reserves

According to the Russian Central Bank's forecasts, in 2003 Russia's gold and currency reserves will grow by $18bn. These figures are a part of a report to be delivered at a government meeting on August 21. The meeting will focus on the draft guidelines of the 2004 state monetary policy.

Over the first six months of 2003, gold and currency reserves surged by $16.6bn, up from $7bn in the same period of last year. In the reported period, the volume of foreign currency cash in pockets of Russian citizens decreased by $4bn.

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