MOSCOW (Commodity Online): Russian Gold and currency reserves advanced 4.92% to $503.0 billion as compared to $479 billion during the previous year, the Russian Central Bank said.
This is an increase of $ 1.7 billion as compared to its previous week's reserve of $501.3. In the previous week, reserves had decreased by 11.7 billion to USD 501.3 billion.
On 1 January 2011, Russia’s total reserves amounted to $479.4billion. An year earlier, it stood at $439.5 billion.
The Central Bank of the Russian Federation is in charge of the country’s 926.9 tons of gold, which are valued at $54 billion and comprise 7.7 percent of the country’s foreign reserves. In 2009, Russia increased its gold production by 21 percent, due in part to the launch of several new mines. Last year, the country overtook Japan in total holdings, adding more than 140 tons to its stockpile in 2010 alone. Russia's buying of Gold continued in 2011, purchasing 4.9 tons in July, according to the IMF's August report.
Among BRIC nations, India's foreign exchange reserves increased by $2.48 billion to $306.84 billion for the week ended Dec 2, rising for the first time in five weeks due to an increase in the value of foreign currency assets and gold reserves. This is the first time in the last five weeks that India's forex reserves kitty has registered a gain. The reserves had dropped by over $16 billion in the previous four weeks.
A gold reserve is the gold held by a central bank or nation intended as a store of value and as a guarantee to redeem promises to pay depositors, note holders, or trading peers, or to secure a currency. Today, gold reserves are almost exclusively, albeit rarely, used in the settlement of international transactions.
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