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. Last Updated: 07/27/2016

Sberbank Buys Gold

MOSCOW -- Russia's biggest bank, state-owned savings bank Sberbank, said Thursday that it had acquired more than 8 tons of gold between January and September and planned to buy 5 tons more by year's end.

More than 90 percent of the gold bought by Sberbank from gold producers was sold to the Central Bank to boost its gold reserves, Sberbank said.

The Central Bank said earlier that its gold and foreign exchange reserves rose to $12.8 billion on Oct. 2 from $12.4 billion on Sept. 25.