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exceed the thresh vember 14, 2007, ‘On the Procedure for Calculating Mar old level as of the reporting date (12.0% for banks with ket

Reference prices for refined precious metals fixed on discount basis from July 7, 2003 to July 1, 2008 rubles per gram Date* ? Gold Silver Platinum

of metal prod from EU member countries, including eurozone ucts (non monetary gold, ferrous metal products, bauxite and CIS countries, grew more slowly than overall

the procedure for termi founding documents. The Ordinance also established the nating “old” licences and certificates). procedure for the state registration of credit institutions 53

amid growth in monetary authorities’ The trend towards the slowing of the gold and foreign exchange reserves. The annualised rate in M2 growth (from 38.

2 bn., with monetary gold calculated at current quotations by the Bank of Russia. Calculated at the fixed value of monetary gold as $300 per

In the next few years, the Bank of Russia is to contin old amounts of shares (stakes) acquired in a credit insti ue to carry

end of 2004, Russia vestments were the fuel sector, transport had sufficient gold and currency reserves to and the housing and utilities sector. In Janu

1, 2003. By the end of last Septem ber, Russia had sufficient gold and cur rency reserves to finance imports for 9.3 Third Quarter