Russia's gold and foreign currency reserves exceeded those of South Korea
As of the end of April Russia?s gold and foreign currency reserves reached a mark of $225.1 billion and exceeded those of South Korea.
Today Russia has the world?s fourth largest reserves right after China, Japan and Taiwan, which have $875 billion, $832 billion and $257 billion respectively.
Russia?s annual rate of reserve accretion amounts to 55 percent and is much greater than that of other leading countries (China ? 33 percent, Japan ? 1.7 percent, Taiwan ? 2.4 percent). This allows a forecast that by the end of the summer or beginning of fall Russian foreign currency reserves will increase enough to move Taiwan from its ?bronze? pedestal.
The main parameters of Russia?s monetary policy for 2006 forecast that Russia?s reserves will exceed $260-285 billion by the end of the year, depending on global prices of Urals oil. Meanwhile consensus opinion of investment companies, banks and analytical centers questioned by the Interfax Center for Economic Analysis shows that by the end of 2006 volume of Russia?s gold and foreign currency reserves will amount to $245.7 billion.