San Gold Corporation

MOSCOW, January 24 (Itar-Tass) -- The Central Bank of Russia plans to buy more than 100 tonnes of gold to renew the country’s gold and foreign exchange reserves (or international reserve assets) every year, CBR First Deputy Chairman Georgy Luntovsky told reporters on Monday, giving no details pertaining to the terms.

Earlier, in an interview to the Prime Tass economic news agency First Deputy Chairman of the Bank Alexei Ulyukayev said that the Central Bank would increase the share of gold in the national reserves.

In the middle of October 2010, Director of the Bank’s Department of Financial Operations Sergei Shvetsov said that the bank did not import gold in 2010. The bank buys gold on the domestic market (in Russian banks).

According to the Central Bank, the reserves of gold in the Russian international reserve assets increased by 23.9 percent (152.4 tonnes) in 2010 to reach 25.4 million net troy ounces (790 tonnes) as of January 1, 2011, Prime Tass said.

As of January 1, 2009, the amount of monetary gold in Russia’s international reserves was at 16.4 million ounces (510.1 tonnes), the economic news agency said.

In 2009, the Central Bank’s gold reserves increased by 4.1 million ounces (127.5 tonnes) to reach 20.5 million ounces (637.6 tonnes) as of January 1, 2010, Prime Tass said.