RF Central Bank bought billion dollars this August

In August 2010 the Bank of Russia increased netto purchase of dollars in the internal market up to billion dollars, two times more than in July, Central Bank press service reports. Netto purchase of Euro grew from 29,3 to 135,64 millions. Thus Central Bank of Russia has been buying currency in the market for 11 months already. During this period the regulator bought 89 billion dollars & about 5,5 billion Euro. The bank of Russia is buying currency in order to restrict the rubles rate growth, that recently has been stable with 29-31 rubles per dollar. Before last September the CB was mainly selling currency  because the demand on it overcame the offer in the market. Thanks to the CB’s  purchases international reserves of Russia grew 401 to 476 billion dollars through out last 12 months.  Therefore, the Central Bank has restored nearly half of the reserves’ volume spent during the financial crisis of 2008-2009.