MOSCOW, January 12 (RIA Novosti) - The gold and foreign currency reserves of Russia's Central Bank were worth $182.3 billion on January 6, the CBR said Thursday.
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."
