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Russian international reserves reach $397.5 bln Jan 20 - CBR


MOSCOW, January 22 (RIA Novosti) - Russia's international reserves rose to $397.5 billion on January 20 from $296.2 billion on January 16, the chairman of the country's Central Bank said on Thursday. "The reserves are more than sufficient," Sergei Ignatyev said, adding that the figure included $209.6 billion of national funds.

The banker also said industrial production fell by 10.3% year-on-year in December 2008.

The Russian industrial sector showed the first signs of a recession in October last year, when indices dropped by 0.6%. The sector is expected to continue its slump this year.

Andrei Klepach, a deputy economics minister, said on Thursday production would decline a further 5.7% in the country in 2009 for the first time since the 1998 default, according to a new forecast.

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