Russian central bank ready to buy any gold from state depository

Submitted by cpowell on 04:54PM ET Monday, November 16, 2009. Section: >http://en.rian.ru/business/20091116/156860573.html

MOSCOW -- The Bank of Russia is ready to buy any gold that may be sold by the State Depository for Precious Metals and Gems, the bank's first deputy chief said on Monday.

"In certain conditions, we will be ready to buy everything the State Depository offers for sale," Alexei Ulyukayev said.

The Central Bank's statement to buy up gold comes amid increasing international assets held by the country's top bank, which grew 5.1% in October to $434 billion.

Russia's Finance Ministry is currently considering selling gold from the State Depositary to channel funds into bridging the budget deficit.

The amount of gold to be put up for sale could reach 25 metric tons. Prices for gold are remaining at record high levels on global markets.