• ACI Russia

08/13/1998 12:43:19 Russian c.bank says reserves fall to $17.0 bln

MOSCOW, Aug 13 (Reuters) - Russian central bank foreign

exchange and gold reserves fell to $17.0 billion on August 7

from $18.4 billion on July 31, the central bank said in a

statement on Thursday.

The bank did not comment on the drop. But traders said it

had had to intervene recently to support the rouble as

commercial banks converted funds into dollars amid fears of a

rouble devaluation. Russian authorities have repeatedly

dismissed talk of a devaluation.

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