As of January 1, 2006 the CBR began calculating the value of the gold content in its foreign exchange reserves using market prices. Based on the gold price of $300 per troy ounce used by the CBR until the end of 2005, the reserves would have been valued at $179.6 billion.
Gold makes up around $6.35 billion of the total reserves, based on the current market price for gold of about $550 per troy ounce.
As of December 23, the CBR's reserves were valued at $174 billion. At the start of 2005, their value was $124.5 billion.
The CBR said the change in its calculation method was due to "the need to bring published data in line with current market realities."
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