Russia’s gold and foreign exchange reserves rise to $523.3 billion

According to a central bank report released on Thursday, Russia’s gold and foreign exchange reserves grew to $523.3 billion for the week ending on April 27.

The reserves stood at $519.5 billion a week earlier, representing a growth of $3.8 billion. At the end of 2011, Russian gold and foreign exchange reserves were at $498.6 billion, which represents a growth of $24.7 billion, or approximately five percent within the four month period, Reuters reports.

The gold and foreign exchange reserves include monetary gold, special drawing rights, reserve position at the IMF and foreign currency exchange.

Russian gold and foreign exchange reserves have been increasing since the end of 2000, when they were valued at $28 billion. In 2001, the reserves increased to $36.6 billion, and by 2005 the reserves had swollen to $182.2 billion. In 2006 and 2007, the reserves grew to $303.7 billion and $478.8 billion respectively. In 2008, due to the financial downturn, Russia’s gold and foreign exchange reserves dropped to $427.1 billion, but 2009 and 2010 saw the reserves rise again to $440.6 billion and $479.4 billion respectively. The reserves reached their highest peak at $544 billion in the week ending on August 19.

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