>The reserves have been rising for the 14th consecutive week. During this period, they increased by $28.8bn. From November 8 to November 12, the gold and foreign currency reserves rose by just $300m, which was the lowest rise since September 3. Analysts said it was a sign that the Central Bank reduced dollar purchases on the domestic market. However, the latest figures suggest that the Central Bank began supporting dollars, again.

Before November 8, the reserves had been rising quickly, due to the Central Bank’s heavy purchases of dollars on the domestic market starting in late August 2004. The Central Bank was buying dollars not only on the MICEX but also directly from banks.

The gold and foreign currency reserves are highly liquid financial assets controlled by the Central Bank and the Finance Ministry of Russia. They consist of monetary gold, special drawing rights, the reserve position in the International Monetary Fund, and foreign currency.