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24-03-2023, 10:45 AM
Anna Golubova
Thursday March 23, 2023 14:06
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As of March 2023, Russia's central bank holds 74.9 million ounces of gold worth US$135.6 billion. This is one million ounces more than the 73.9 million ounces reported in February 2022 - the last disclosure before the introduction of Western sanctions against Russia.
Russia's recent gold buying is considerably less than China's purchases. During the same one-year period, the People's Bank of China bought over 100 tonnes of gold.
Yet, Russia's 31 tonnes is still impressive, given that some analysts debated whether the country would be forced to sell some of its gold to cover its growing budget deficit.
Gold buying is an ongoing trend, with central banks worldwide buying the most gold on record in 2022, purchasing 1,136 tonnes, according to the World Gold Council.
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Total currency reserves decreased 11.9% to US$438.683 billion, and gold reserves rose 2.5% to US$135.564 billion. The share of gold in reserves rose to 23.6% from the 21% reported a year ago, the country's central bank said.
The increase in the proportion of gold reserves is in line with the impact of Western sanctions, which limit Russia's ability to manage its foreign currency exchange reserves. Russia has also boosted its exposure to the Chinese yuan over the past year.
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"Already two-thirds of the trade turnover between our countries is carried out in rubles and yuan. We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America," he said during a joint statement this week.
https://www.kitco.com/news/2023-03-23/Ru...unces.html
Thursday March 23, 2023 14:06
......
As of March 2023, Russia's central bank holds 74.9 million ounces of gold worth US$135.6 billion. This is one million ounces more than the 73.9 million ounces reported in February 2022 - the last disclosure before the introduction of Western sanctions against Russia.
Russia's recent gold buying is considerably less than China's purchases. During the same one-year period, the People's Bank of China bought over 100 tonnes of gold.
Yet, Russia's 31 tonnes is still impressive, given that some analysts debated whether the country would be forced to sell some of its gold to cover its growing budget deficit.
Gold buying is an ongoing trend, with central banks worldwide buying the most gold on record in 2022, purchasing 1,136 tonnes, according to the World Gold Council.
......
Total currency reserves decreased 11.9% to US$438.683 billion, and gold reserves rose 2.5% to US$135.564 billion. The share of gold in reserves rose to 23.6% from the 21% reported a year ago, the country's central bank said.
The increase in the proportion of gold reserves is in line with the impact of Western sanctions, which limit Russia's ability to manage its foreign currency exchange reserves. Russia has also boosted its exposure to the Chinese yuan over the past year.
......
"Already two-thirds of the trade turnover between our countries is carried out in rubles and yuan. We are for the use of Chinese yuan in settlements between Russia and the countries of Asia, Africa, and Latin America," he said during a joint statement this week.
https://www.kitco.com/news/2023-03-23/Ru...unces.html
