Russian gold reserves may rise one-third in 2003

Russian central bank first deputy governor Oleg Vyugin said on Monday that the new oil price forecast could see the central bank increase its reserves by US$14bn during the year.

Source: ITAR-TASS news agency

The Central Bank of Russia expects its gold and foreign exchange reserves to grow by 14bn to more than 62bn dollars in 2003.

As of 1 January 2003, the bank's international reserves stood at 47,793m dollars. "Now we expect the reserves to grow by 14bn dollars, given the new average annual oil

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