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. Last Updated: 07/27/2016

Bank: Reserves to Rise

Central Bank chief Viktor Gerashchenko Tuesday said foreign exchange reserves were likely to jump to $9 billion by end-1994 from $4.5 billion now.

Gerashchenko, speaking to the lower house of parliament, or the State Duma, did not say how this would be achieved. Russia is still losing billions of dollars a year in capital flight.

The Central Bank does not usually publish its balance sheet or reserves. Gerashchenko had put Russia's hard currency reserves at $4.5 billion in an interview last December. The Central Bank has used well over $1 billion since the beginning of this year to support the ruble's exchange rate against the dollar.