insta twitterrss2
Multi-language Web site on current affairs in the biggest russian region

Russia - 5th in the world in gold reserves

  • Published in Economy
15 gold 7

Russia enters the top 5 countries in terms of gold reserves (1,857 tons). The USA - 8133 tons, Germany - 3374 tons, Italy - 2452 tons and France - 2436 tons, the Rossiyskaya Gazeta reports with reference to the IMF.

As the Central Bank of the Russian Federation explained, Russia moved up from sixth to fifth place in the world in terms of gold reserves, increasing the reserves in January by 20 tons. The volume of Russian gold reserves turned out more than that of China - 1.857 tons against 1.843. The reserves of the IMF itself are 2.814 tons.

If we look at the ratio of gold to total foreign exchange reserves, the shares will differ significantly: Russia has almost 18%, China has 2.5%, the United States has 70%, and Germany has 67%. There is no established norm on gold reserves in the world, but it is generally accepted that having a large gold reserve is good, since the currency can depreciate, and the metal is almost not affected by depreciation of currency.

Over the past ten years, the amount of monetary gold in international reserves of the Central Bank of Russia has increased fourfold. Buying gold for reserves in rubles, the Central Bank supports domestic producers and banks that work with them. The regulator does not receive direct profit from the gold reserves, but yellow metal reserves are an important tool for diversifying reserves and ensuring the sustainability of the domestic financial system, especially in the case of sanctions.

Photo Financial Tribune
Tagged under gold Central Bank