Central Bank's reserves rocket

On November 21, the volume of the Russian Central Bank's gold and currency reserves totaled $66.2bn, stepping up $800m over a week. This has been the second consecutive rise in the bank's reserves.

The jump in reserves was due to the Central Bank purchasing dollars in high volume on the domestic market. As reported earlier, Central Bank Deputy Chairman Oleg Vyugin forecasted that gold and currency reserves would reach $66bn by the end of 2003. This figure was exceeded by far one month before that date.

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