N e w s

The Central Bank of Russian Federation placed around 40 tons of gold into foreign banking institutions, reports "Vedomosti". The Interest for Such deposits is paid out in gold and the rates are much more differential with the term or storage, rather than the rates for general deposits.

According to the source in the Central Bank, the major part of national gold reserves is being kept in GOKRAN, Russian State Depositary for Precious Metals and Gemstones, and the rest Bank is obliged to pay for its storage. The rest is being kept in the west- either on current accounts allowing for the trade operations, or on gold deposit accounts.

According to the official data of the Central Bank on May 1st 2002, cold currency reserves of Russian Federation came up to $39,1 billion, including $4,1 billion in gold. Within one month the figures had grown to $42,2 billion, and the value of its gold share had gone down $3,7 billion, due to its storage in western banks.

On June 7th 2002 the gold currency reserves were estimated to $ 42,3 billion.