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Russia to have 3rd largest international reserves in 2006 - CBR

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Russia will have the world's third largest gold and foreign currency reserves by the end of 2006, a deputy chairman of the Central Bank said Tuesday.

MOSCOW, June 6 (RIA Novosti) - Russia will have the world's third largest gold and foreign currency reserves by the end of 2006, a deputy chairman of the Central Bank said Tuesday.

Alexei Ulyukayev said Russia's reserves stood at $244 billion and would increase by $5-6 billion a month until the end of the year - provided export prices remained the same - to leave the end of year figure at $279-286 billion.

"We will leave Taiwan behind in 2006 and will be the world's no.3 in terms of gold and foreign currency reserves," Alexei Ulyukayev said.

At the end of April, Taiwan had reserves of $257 billion, China $875.1 billion and Japan $832 billion.

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