The reserves, the world’s third biggest, rose to a record $315.3 billion, gaining $4.2 billion in the week ended March 2, the central bank said in an e-mailed statement today. The reserves fell $100 million the previous week. Russia, the world’s second-biggest oil producer, has benefited from an oil price boom that underpinned economic growth and helped swell its foreign currency reserves from $12 billion in 1998. Oil prices reached a record 78.40 a barrel on July 14. Crude oil for April delivery rose as much as 29 cents, or 0.5%, to $60.98 a barrel in after-hours electronic trading on the New York Mercantile Exchange and was at $60.89 at 9:14 a.m. London time. China has the world’s biggest foreign currency reserves, totaling $1.07 trillion as of the end of last year, according to Bloomberg data. Japan has the second-largest, totaling $874.60 billion as of December 31. The so-called Stabilization Fund, in which the government stores excess revenue from oil that’s priced above $27 a barrel, surged to $103.6 billion at the end of February. (Bloomberg)
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