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Central Bank Sees Growth

The Central Bank's capital grew 828 billion rubles ($28 billion) in January and February, according to data published by the regulator. 

The unprecedented jump in capital holdings from 2.4 trillion rubles on Dec. 1 to 3.23 trillion rubles on Feb.1 was likely to be the result of the inclusion of 2011 profits, Vedomosti reported Tuesday.

If so, it would mark record annual earnings for the Central Bank. Until 2011, the most the bank had made in one year was a 251.4 billion ruble profit in 2009. Russian law requires 75 percent of profits made by the Central Bank to be channeled into the budget. The regulator increases its capital by managing its currency and gold reserves. It also owns a 57.5 percent stake in Sberbank.

(MT)

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