Thursday December 11, 08:41 AM
Russian foreign reserves down 17.9 billion dollars: central bank
MOSCOW (AFP) - The Russian central bank said Thursday its international reserves fell last week by 17.9 billion dollars, as the country continued its fight to prevent sharp falls in the ruble.
The central bank has been selling foreign currency to buy rubles to prop up the national currency, which has been under pressure due to the global financial crisis and fears for the Russian economy.
The forex reserves fell to 437 billion dollars as of December 5 compared with 454.9 billion dollars on November 28, the central bank said in a statement.
The bank (NASDAQ: TBHS - news) has spent tens of billions of dollars over recent weeks supporting the ruble to prevent it suffering a major devaluation in the face of the financial crisis.
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