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Russia Increases Foreign Currency Reserves To $400 Billion

Russia increases foreign currency reservesRussia’s international reserves grew $2.5 bln over the week from August 12 to August 19 and totaled $398.2 bln, the Central Bank said on Thursday, reports Russian state news agency TASS.

Having built up over half a trillion of foreign currency reserves during the hay day of high oil prices, Russia spent billions propping up the ruble during the recent financial crisis. Now that the price of crude has stabilized, reserves are growing again. The Kremlin is also active attempting to get sanctions on Russia, enforced after Russia’s annexation of the Crimean Peninsula in 2014, removed in Western capitals.

Russia’s economy has been in recession for two years now but is slowly recovering.

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