Gold stock Russia to 2,000 tonnes

Russia bought 31 tonnes of gold in August, bringing its total reserves in precious metals to 2,000 tonnes. According to the latest Figures of the central bank, Russia currently has a total reserve of $460 billion, of which the precious metal is at current Gold price represents a value of $77 billion. The other reserves consist of balances in foreign currencies, such as government bonds denominated in euros, dollars and yuan, among others. Russia buys precious metal almost every month, but August's purchase was the largest since September last year.

Since the beginning of this year, Russia has already bought 161 tonnes of gold, almost a quarter more than in the same period last year. Still, the total value of gold holdings on the central bank's balance sheet has fallen this year, as the price of gold in dollar terms has fallen more than 8%. The central bank of Russia continues to buy gold, as both the central bank and the government see the precious metal as a tool to diversify its reserves. Earlier this year, President Putin expressed his intention to diversify the reserves, as he supports the monopoly of the dollar as the world's reserve currency. unreliable Find.

'Russia has enough reserves'

Since the turn of the century, Russia has had to build up its reserves almost from scratch. Under the leadership of President Putin and helped by the rise in the price of oil and gas, the country managed to put its budget in order and received sufficient income to expand its reserves. In 2008 and 2014, the central bank had to draw on part of it, but all the while there were enough funds left over to further expand the gold supply. Over the past ten years, this has grown from around 450 to 2,000 tonnes.

RUSSIAN CENBANK OFFICIAL SAYS CENBANK HAS ENOUGH RESERVES TO MAINTAIN FINANCIAL STABILITY EVEN IF NEW U.S. SANCTIONS ARE IMPOSED - Rtrs #Russia

— Global Markets Forum (@ReutersGMF) September 27, 2018

By building up a gold reserve and a foreign exchange reserve, Russia is less vulnerable to US sanctions or a new economic crisis. A spokesperson for Russia's central bank said this week that the country now has sufficient reserves to maintain financial stability, even if new U.S. sanctions are imposed. In recent years, the value of the ruble has fallen sharply as a result of US sanctions and the global fall in oil prices. Even then, the country remained Buy gold to protect themselves from this financial warfare.

Gold and foreign exchange reserves Russia

Gold stock Russia to 2,000 tonnes