Russia sees foreign exchange reserves drop

Russia has seen its foreign exchange reserves suffer over recent months as the global economy continues to struggle.

According to the Itar-Tass news agency, Russia's gold and foreign exchange reserves dropped by 10.1 per cent during the first quarter of this year, as the credit crunch hit.

Quoting official figures from the Russian government, the report explained that Russia had seen its reserves slump from $ 427.1 billion (£290 billion) to $383.90 billion in just the first three months of 2009.

The fall in the country's foreign exchange reserve demonstrates the impact of the global economic crisis that has hit countries around the world and has been wreaking havoc with international markets since the end of 2008.

The G20 summit in London last week saw leaders agree a major deal that should help to reduce the risk of further economic troubles and could reduce the burden of the global recession.

The $1 trillion package is aimed at stimulating the global economy and ensuring that rich and poor nations alike can come out of the current downturn in a strong position.

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By John Mills