Russian President Vladimir Putin said on Tuesday that the country's foreign reserves could exceed its aggregate foreign debt this year.

"We already do not need foreign borrowing. Moreover, the gold and foreign currency reserves may exceed the aggregate state and private foreign debt combined this year," Putin was quoted by the Itar-Tass news agency as saying, at the opening ceremony of the 10th St Petersburg International Economic Forum.

Accumulated investment in Russia has reached 112 billion U.S. dollars, Putin said, adding that private capital inflow exceeded outflow from the country for the first time in 2005.

Russia is the world's second largest oil exporter following Saudi Arabia. The country's state coffers are flush with cash as a result of rising demand that has more than doubled world oil prices.

Russia repaid 15 billion dollars to the Paris Club group of creditor countries ahead of schedule last year. Putin has said his country is prepared to pay off its entire debt to the Paris Club by the end of this year.

Source: Xinhua