London 20/03/2012 - Russia's central bank sold 3.1 tonnes of gold from its official reserves last month, data from its website showed - the first decrease for several years.
Holdings fell to 28.3 million ounces or 880.2 tonnes in February, having remained steady at 28.4 million ounces or 883.2 tonnes for the previous two months.
Although the pace of gold accumulation by Russia's central bank slowed in 2011 - official gold purchases totalled 93.3 tonnes or 3 million ounces, down 46.6 tonnes or 1.5 million ounces on 2010's record of 139.9 tonnes - government officials were reported to have rekindled its interest in gold buying. Consequently, last's month drop came as a surprise to the market.
Gold currently represents nearly 10 percent of the country's total reserves, according to the latest data from the World Gold Council.
Most of the metal is believed to come from its own mineral stocks rather than purchases from the open market - Russia is also the world’s fifth-largest producer of gold, with output reaching 156.1 tonnes in the first nine months of 2011.
(Editing by Mark Shaw)
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