Russian Reserves Reach Two-Year High as Euro Surges
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Russia’s international reserves rose to the highest in two years last week as the strengthening euro bolstered the world’s third-largest foreign currency stockpile.
Reserves jumped $6.7 billion to $501.1 billion, Russia’s central bank said in a statement on its web site today. It’s the first time the reserves have broken $500 billion since mid-October 2008, a month after the collapse of U.S. brokerage Lehman Brothers Holdings Inc. triggered the global credit crisis.