Russia's Gold, Forex Reserves Rise on Continued Central Bank Intervention
Moscow (Jun 25) Russia's gold and foreign currency reserves rose in the latest week of available data as the central bank continued to intervene in the currency market, figures showed Thursday.
In the week to June 19, Russia's international reserves climbed $4 billion to $364.4 billion, their highest level since late February.
The Bank of Russia said in an emailed comment that the 1.1% increase in reserves was driven by positive reassessment of foreign currency components as well as by purchases of foreign currency on the domestic market.
In mid-May the central bank started buying up to $200 million a day, aiming at bringing reserves back to levels seen in early 2014 of around $500 billion in the next three to five years. The central bank has so far bought as much as $ 5.36 billion.