Russia’s gold and foreign exchange reserves reach $510.8 billion

According to the central bank of Russia’s report on Thursday, the country’s gold and foreign exchange reserves increased to $510.8 billion in the week ending March 23.

The figure increased from $505.4 billion a week prior, which was an increase from $498.6 at the end of 2011. The gold and foreign exchange reserves include monetary gold, special drawing rights and reserve position at the foreign exchange and IMF, Reuters reports.

The reserves figure as tabulated on March 23 was the second highest weekly value this year, slightly behind the week ending March 2 at a value of $511.6 billion. The highest point the reserves reached in 2011 was the week of August 19 with a value of $544.0 billion. The reserves’ lowest point last year was $477.5 billion for the week of January 14.

Gold and foreign exchange reserves in Russia have risen steadily since the end of 2000, when the value was $28 billion. The value of the balance at the end of 2001 was $36.6 billion and hit $47.8 billion by the end of 2002. The value increased to $76.9 billion at the end of 2003, $124.6 billion at the end of 2004, $182.2 billion at the close of 2005, $303.7 billion by the end of 2006, $478.8 billion at 2007′s close, $427.1 billion by the end of 2008, $440.6 billion by 2009′s conclusion and $479.4 billion at the end of 2010, Dow Jones reports.

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