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. Last Updated: 07/27/2016

Reserves Slip on Low Oil and Gold Prices

The country's gold and foreign exchange reserves, the world's third largest after China and Japan, have fallen for the first time since last August due to lower prices for oil and gold as well as a stronger dollar.

Reserves fell to $301.7 billion on Jan. 12 from $303.9 billion on Jan. 5, Central Bank data showed Thursday.

The last monthly drop in reserves came after Russia repaid $22 billion of its debt to the Paris Club of sovereign lenders. Reserves grew 57 percent in 2006.

Currency traders said the Central Bank had not been seen in the market in recent days, while the ruble remained stable against the dollar-euro currency basket the bank uses to guide its day-to-day operations.

"It is not surprising, there is no need to sell dollars when the currency strengthens, while the Central Bank is not in a hurry to allow the ruble to appreciate," said Yevgeny Nadorshin, analyst at Trust Bank.