According to the Central Bank, the Russian currency strengthened against the dollar by 12.9 percent in the third quarter of 2004, compared with the same period last year, and it strengthened by 0.8 percent compared with the second quarter of 2004. In September 2004, the real exchange rate against the dollar strengthened by 0.3 percent.

The nominal exchange rate of the ruble against the dollar increased by 7.2 percent in January-September 2004 compared with the same period last year, and it strengthened by 1.9 percent compared with December 2003. In the third quarter of 2004, the nominal exchange rate of the ruble against the dollar strengthened by about 4.3 percent, and it dropped 0.9 percent compared with the second quarter of 2004.

The real strengthening of the ruble to the euro was 5.6 percent in January-September 2004, compared with the same period last year, in the estimation of the Central Bank. The ruble’s real exchange rate increased by 6.2 percent against the euro in January-September 2004. In the third quarter of 2004, the ruble’s real exchange rate against the dollar increased by 4.7 percent compared with the same period last year, and it dropped 0.5 percent compared with the second quarter of 2004.

According to the Central Bank, Russia’s gold and foreign currency reserves increased by 7.2 percent to $95.082bn in September 2004 compared with August 2004. In January-September, they rose 23.6 percent.