icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russia adds more than 1,000,000 ounces of gold to country's vast stockpile

Russia adds more than 1,000,000 ounces of gold to country's vast stockpile
The Central Bank of Russia boosted foreign exchange reserves by 31.1 tons of gold in February, raising holdings of the precious metal to 2,149 tons, according to foreign reserve data updated by the regulator.

Gold reserves grew by 1.5 percent against the previous month. The value of the gold reserves reportedly increased 2.4 percent to $91.642 billion, accounting for 19 percent of Russia’s foreign reserves.

Over the first two months of the current year the regulator purchased 1.2 million ounces, or 37 tons of the precious metal, with the monetary value of gold reserves jumping 5.5 percent.

The move reflects Russia’s commitment to the previously declared policy of diversification of international holdings to keep them safe from various risks.

Russia’s central bank has been actively buying gold since 2014, when the US and the European Union introduced their first economic sanctions against the country.

The regulator had reportedly purchased over 1,000 tons (34.6 million ounces) of the precious metal by the end of 2018.

Russia has also opted to move away from its reliance on the US dollar, having slashed the share of the greenback in its foreign reserves to historic lows over recent years.

Moreover, the country started unprecedented dumping of US Treasuries nearly a year ago after political tensions between Moscow and Washington significantly intensified.

The massive $81 billion sell-off came amid US sanctions targeting Russian businessmen, companies and government officials.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.