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Russia's Gold, Forex Reserves To Double: Finance Minister

Russia's Finance Minister Alexei Kudrin said Thursday that Russian gold and foreign exchange reserves....

Russia's Gold, Forex Reserves To Double: Finance Minister

Russia?s Finance Minister Alexei Kudrin said Thursday that Russian gold and foreign exchange reserves could reach $200 billion by the end of this year.

Gold and forex reserves will grow by $80 billion this year, up from the previous forecast of $50.

According to statistics, Russia's gold and foreign exchange reserves stood at $124.5 billion on Jan. 1, and increased to $151.8 billion as of July 1.
Kudrin said that the reserves have swelled due to high market prices for crude oil .

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