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. Last Updated: 07/27/2016

Ivanov Wants Reserves Used Wisely

Russia, holder of the world's third-largest foreign reserves, must safeguard about one-fifth of the stockpile because of uncertainty about when the global crisis will end, Deputy Prime Minister Sergei Ivanov said.

"We have to be cautious and, in my personal view, try to keep some part of the reserves for the dark days," Ivanov said. "We shouldn't throw all the reserves" at this crisis.

Russia's reserves have slumped 37 percent since reaching a record in July as the Central Bank sold dollars and euros to mitigate a 30 percent depreciation of the ruble against the dollar.

The stockpile fell $4.4 billion last week to $376.1 billion, according to Central Bank data. That amount should be enough to sustain Russia until 2010, Ivanov said.