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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Earlie who wrote (223027)2/20/2003 8:24:00 PM
From: Haim R. Branisteanu  Read Replies (2) of 436258
 
Why Russia is against a war in Iraq - Reserves Swell to Record $51.4Bln
By Victoria Lavrentieva
Staff Writer

A wave of oil cash added another $1.2 billion to Russia's foreign currency and gold holdings for the week ending Feb. 14, pushing the nation's reserves to another all-time high of $51.4 billion, the Central Bank said Thursday.

Record oil revenue has already forced the Central Bank to abandon its $55 billion reserve target for 2003. In the first six weeks of the year, the bank has had to print $3.6 billion worth of rubles to absorb exporters' mandatory dollar sales, a pace that would put reserves at $75 billion by next January.

Record oil revenue has already forced the Central Bank to abandon its $55 billion reserve target for 2003. In the first six weeks of the year, the bank has had to print $3.6 billion worth of rubles to absorb exporters' mandatory dollar sales, a pace that would put reserves at $75 billion by next January.

The bank has also had to reverse direction on its gradual depreciation policy for the ruble, and is now targeting a 6 percent real appreciation against the dollar for the year. The currency, which has been steadily gaining against the greenback, rose another 3 kopeks to 31.55 to the dollar on Thursday.

themoscowtimes.com
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