central bank expects to lose over 10 bln of reserves in 2011
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Central bank expects to lose over $10 bln of reserves in 2011

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Arab Today, arab today Central bank expects to lose over $10 bln of reserves in 2011

Moscow - Ria Novosti

The Russian central bank expects its gold and foreign currency reserves to shrink to $515 billion by the start of next year from the $526 billion now, according to a 2012-2014 monetary program obtained by RIA Novosti on Monday. The ruble has been falling against the dollar and the euro since the start of September, when reserves stood at about $545 billion. The bank expects its reserves to stand at between $505 and $589 billion depending on the price of oil, Russia's key export.

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