Over $598 billion
TLTP
MOSCOW
Russian gold and foreign currency holdings have risen by over $9 billion in one week and could top the previous record of over $598 billion in August.
The international funds came closer to the previous peak at the end of last month, as they climbed to the highest point in 12 years to $591.8 billion, according to the latest figures from the Russian Central Bank. The data shows that the holdings rose by $9.1 billion, or about 1.6 percent, in just one week (July 24-31). The regulator said that the increase was driven by “positive revaluation” and gold’s rally.
Russian forex reserves were at all-time highs in August 2008, when they reached $598.1 billion. However, the stockpile started to shrink rapidly amid the global economic crisis and dropped by more than $100 billion in less than three months.
