Russian gold and exchange currency reserves reached a maximum of $78,9 billion
On January 9th, its amount equaled to $78,9 billion. This sum exceeds $77,1 billion recorded on January 2nd, informed the Department of Public Affairs of the Bank of Russia.
Consequently, a total amount of gold and foreign currency reserves in Russia has risen by $1,8 billion. Earlier, while commenting on the overall growth of Russian reserves, President Vladimir Putin has announced Russia as the world's second country in the amounts of possessed reserves. “Only Japan is ahead of us. Gold reserves of this country are capable of covering international purchases in the course of 19 months,” remarked the President.
Gold and exchange currency reserves of Japan, the country which needs to purchase dollars in order to stabilize its currency, have reached $626 billion by November of 2003. Russia's money-market is significantly lower than that of Japan. Therefore, there is much less intervention from the Central Bank.
In the meantime, the President considers such growth of the Central Bank's reserves to be “one of the most remarkable achievements of 2003.” Putin also emphasized that the reserves continue to grow. “This is the most important indicator on the basis of which we should strengthen other instruments, thus making Russian economy more competitive, effective and lively,” remarked the President.