Russia's gold reserves near a historic milestone
The Bank of Russia has been actively enhancing and diversifying its foreign exchange reserves. Read Full Article at RT.com.
TroibNews 
As of September 1, Russia's gold reserves have hit a historic high, valued at approximately $188.8 billion, with gold now constituting over 30% of the nation's international reserves for the first time in nearly 25 years, the central bank reports.
The Bank of Russia disclosed that since early August, the worth of monetary gold in the international reserves surged by more than $9 billion, or 5.1%.
A significant portion of this increase stemmed from a rise in gold prices, which climbed 3.6% in August, closing the month at $2,513 per ounce.
This marks the greatest proportion of monetary gold in Russia’s international reserves since January 2000, when it reached 31.2%. The record high was set in January 1993 at 56.9%.
Additionally, the total of Russia’s international reserves has expanded to $613.7 billion, an increase of over $11 billion from August.
The country's international reserves, as defined by the Bank of Russia and the Russian government, include highly liquid foreign assets such as foreign currencies, special drawing rights with the IMF, and monetary gold.
In early 2022, nearly half of these reserves were frozen in the West due to sanctions related to Ukraine, though the central bank has not specified which portions were affected.
The non-frozen assets include gold and foreign currencies retained domestically and holdings in Chinese yuan.
Bank of Russia Governor Elvira Nabiullina stated that the country’s financial stability would remain secure even in the event of the West seizing its frozen assets. She noted that for several years, the regulator has been diversifying its forex reserves and is managing operations with reserves not subject to sanctions.
Additionally, Moscow has criticized the asset freeze by the West as unlawful, claiming it has undermined the trust in Western nations. The Kremlin has also indicated potential retaliatory measures if these assets are confiscated.
Ramin Sohrabi for TROIB News
The Bank of Russia disclosed that since early August, the worth of monetary gold in the international reserves surged by more than $9 billion, or 5.1%.
A significant portion of this increase stemmed from a rise in gold prices, which climbed 3.6% in August, closing the month at $2,513 per ounce.
This marks the greatest proportion of monetary gold in Russia’s international reserves since January 2000, when it reached 31.2%. The record high was set in January 1993 at 56.9%.
Additionally, the total of Russia’s international reserves has expanded to $613.7 billion, an increase of over $11 billion from August.
The country's international reserves, as defined by the Bank of Russia and the Russian government, include highly liquid foreign assets such as foreign currencies, special drawing rights with the IMF, and monetary gold.
In early 2022, nearly half of these reserves were frozen in the West due to sanctions related to Ukraine, though the central bank has not specified which portions were affected.
The non-frozen assets include gold and foreign currencies retained domestically and holdings in Chinese yuan.
Bank of Russia Governor Elvira Nabiullina stated that the country’s financial stability would remain secure even in the event of the West seizing its frozen assets. She noted that for several years, the regulator has been diversifying its forex reserves and is managing operations with reserves not subject to sanctions.
Additionally, Moscow has criticized the asset freeze by the West as unlawful, claiming it has undermined the trust in Western nations. The Kremlin has also indicated potential retaliatory measures if these assets are confiscated.
Ramin Sohrabi for TROIB News
