Russia's reserves hit record high

Russian central bank reserves in gold and foreign currency holdings soared to a record 134.15 bln usd in January-February 2005, up 7.7 pct, ITAR-TASS news agency quoted the bank as saying.

Reserves at the end of 2004 stood at 124.5 bln usd, up 47.4 bln usd since the end of 2003.

Reserves rose sharply in the final months of 2004 in response to higher revenues from oil exports, efforts by the bank to contain the appreciation of the ruble and a pick-up in incoming capital flows, the report said.