Russia's gold reserves may grow by $34b

MOSCOW, Feb. 4 (UPI) -- Russia's gold and foreign exchange reserves could grow by up to $34 billion this year, an official said Friday.

First Deputy Chairman of the Central Bank Alexei Ulyukayev told reporters the optimistic projections the government had made still appeared to be on target.

"I have nothing to add to the forecast set down in the 2005 monetary policy," Interfax quoted him as saying.

The situation that emerged at the start of 2005 indicated Russia's financial reserves would grow in line with the best-case scenario, which assumes oil will trade at $35 a barrel and the reserves will grow by $34 billion, he said.