Russian Currency Reserves Advance to $417.1 Billion [world's third biggest reserves]

[Purveyor]

Sept. 13 (Bloomberg) -- Russia's foreign currency and gold reserves rose for a second consecutive week after registering a record weekly decline last month, the central bank said.

The reserves, the world's third biggest, reached $417.1 billion in the week ended Sept. 7, rising $1.1 billion from the previous week, the Moscow-based central bank said today in an e- mailed statement.

``The reserves have stabilized and resumed gains,'' and the outflow of capital seems to have ended, said Maxim Oreshkin, a senior analyst at OAO Rosbank in Moscow, in a telephone interview today.

The cost of short-term borrowing in Russia, the world's 10th biggest economy, rose last month as corporate tax payments boosted demand for rubles and foreign investors withdrew capital from emerging markets. The nation's reserves fell by $5.5 billion in the week ended Aug. 17, the biggest decline this year.

``Stable access to liquidity will be 100 percent guaranteed,'' the central bank's First Deputy Chairman Alexei Ulyukayev said on Sept. 6.