MOSCOW, November 22 (RIA Novosti) - Russia's gold and foreign exchange reserves rose 34.5% from January to reach 278.3 billion on November 15, the Central Bank of Russia said Wednesday.
The bank's head, Sergei Ignatyev, put the growth down to private capital movement.
"In 2006 there was an unprecedented inflow of private capital," Ignatyev said. "In nine months, net private capital inflow was about $27 billion."
Ignatyev said expectations of further nominal ruble appreciation against foreign currencies and a better investment climate had also contributed to the upward trend.
