Russian Currency Reserves Rise to Highest Since October 2008 ; Russia's foreign-currency and gold reserves advanced $4.1 billion in the week ended July 29 to $435 billion, the central bank said in an e-mailed statement.
That's the highest level since October 2008, data compiled by Bloomberg show. Taking into account currency fluctuations and gold prices, the weekly increase was $1.8 billion, Vladimir Tikhomirov, chief economist at Moscow-based Otkritie Capital, said today in an e-mailed note to clients.
"Throughout the previous week, the Russian currency market saw a significant correction after the ruble appreciated against the bi-currency basket during the tax-payment period," Tikhomirov said. "The dynamics of the ruble exchange rate were mainly determined by weak global economic performance."
That's the highest level since October 2008, data compiled by Bloomberg show. Taking into account currency fluctuations and gold prices, the weekly increase was $1.8 billion, Vladimir Tikhomirov, chief economist at Moscow-based Otkritie Capital, said today in an e-mailed note to clients.
"Throughout the previous week, the Russian currency market saw a significant correction after the ruble appreciated against the bi-currency basket during the tax-payment period," Tikhomirov said. "The dynamics of the ruble exchange rate were mainly determined by weak global economic performance."
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