Zee Beam News

Jan. 31, 2008 - Kommersant - Russia’s gold and currency reserves grew $1 billion between January 18 and 25 to $479.4 billion, an all-time high for Russia and even the Soviet Union, the Central Bank announced Thursday. A week earlier, Russian gold and currency reserves went up $0.7 billion from $477.7 billion to $478.4. Reserves of the Bank of Russia have thus moved a bit closer to two world leaders, China and Japan. China reports having $1.5 trillion in its coffers which added 43 percent last year. The growth is largely attributed to a major inflow of foreign investment in the country and large profits from growing exports. Japan currently holds $973 billion in international reserves. Gold and currency reserves in Russia are high-liquidity financial assets at the disposal of the Bank of Russia and the government. They comprise of assets in foreign currencies, monetary gold, special drawing rights, reserve positions in the International Monetary Fund and other reserve assets.