August 21, 2019, 13:54


Russia’s Gold & Currency Reserves Surpass $500 Billion Mark

Russia’s Gold & Currency Reserves Surpass $500 Billion Mark

The bank’s reserves have reportedly increased due to “positive reevaluation” and purchases of foreign currency “within the framework of the budget rule”.

The Central Bank of Russia (CBR) has revealed that Moscow’s foreign exchange and gold reserves amount to approximately $502.7 billion by 7 June, having increased by about 1.5 per cent during the past week.

As the bank’s officials have explained to local media, this development was made possible mostly due to “positive revaluation and the purchases of foreign currency within the framework of the budget rule».

Last month, the World Gold Council reported that net purchase of gold by the Russian Central Bank was the highest in the first quarter of 2019. It bought 55.3 tonnes and brought the country’s gold reserves to 2,168.3 tonnes, while dramatically reducing its US Treasury holdings as part of its de-dollarisation plans.

Russian Central Bank head Elvira Nabiullina, has on multiple occasions stressed that the country has been diversifying its foreign exchange reserves more than other states due to the economic and political risks that it faces.

In 2018, CBR moved to decrease the share of US dollar in the bank’s reserves, cutting its US bond holding and increasing its gold reserves instead.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Weather

Moscow

Today08/20/2019
17℃

Wed
08/21/2019
broken clouds

  • broken clouds
  • HI/LO: 24/16
  • Clouds: 69%
  • Wind: 0.41 m/s
  • Wind Direction: NNE
  • Pressure: 1024hPa
  • Humidity: 62%

Thu
08/22/2019
moderate rain

  • moderate rain
  • HI/LO: 23/13
  • Clouds: 0%
  • Wind: 5.74 m/s
  • Wind Direction: W
  • Pressure: 1019hPa
  • Humidity: 72%

Fri
08/23/2019
sky is clear

  • sky is clear
  • HI/LO: 22/11
  • Clouds: 0%
  • Wind: 2.32 m/s
  • Wind Direction: WNW
  • Pressure: 1026hPa
  • Humidity: 48%

Sat
08/24/2019
scattered clouds

  • scattered clouds
  • HI/LO: 22/12
  • Clouds: 33%
  • Wind: 3.42 m/s
  • Wind Direction: W
  • Pressure: 1025hPa
  • Humidity: 50%

Sun
08/25/2019
overcast clouds

  • overcast clouds
  • HI/LO: 20/11
  • Clouds: 92%
  • Wind: 3.69 m/s
  • Wind Direction: WNW
  • Pressure: 1020hPa
  • Humidity: 77%

Mon
08/26/2019
broken clouds

  • broken clouds
  • HI/LO: 18/8
  • Clouds: 60%
  • Wind: 2.15 m/s
  • Wind Direction: N
  • Pressure: 1030hPa
  • Humidity: 50%

NEWS

    Сторонняя реклама



    Статьи
    Статьи В
    Создание Сайта Кемерово, Создание Дизайна, продвижение Кемерово, Умный дом Кемерово, Спутниковые телефоны Кемерово - Партнёры
    Яндекс.Метрика