Russia's Central Bank Ready to Buy up Gold from State Depository
Source: Ria Novosti (11/16/09)
"…we will be ready to buy everything the State Depository offers for sale."
"In certain conditions, we will be ready to buy everything the State Depository offers for sale," Alexei Ulyukayev said.
The Central Bank's statement to buy up gold comes amid increasing international assets held by the country's top bank, which grew 5.1% in October to $434 billion.
Russia's Finance Ministry is currently considering selling gold from the State Depositary to channel funds into bridging the budget deficit.
The amount of gold to be put up for sale could reach 25 metric tons. Prices for gold are remaining at record high levels on global markets.