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

Bye bye dollar! Buy buy gold! Russia fills vaults with another 600,000 ounces

Bye bye dollar! Buy buy gold! Russia fills vaults with another 600,000 ounces
The Central Bank of Russia keeps buying gold, adding some 18.7 tons of the precious metal to the county’s vast stockpile in March alone, according to the latest figures released by the regulator.

The boost brought Russia’s estimated gold holdings to more than 2,170 tons (69,700,000 ounces), that amounts to nearly 18 percent of the country's total foreign exchange reserves, the central bank stated.

Russia purchased 56 tons of gold from January through March, acquiring 37.3 tons of the precious metal in January and February.

The latest step reflects the country’s total commitment to the previously announced plan to diversify its foreign reserves from various geopolitical risks, and to eliminate reliance of the Russian economy on the US dollar. As part of the policy, the central bank has significantly slashed the share of the greenback in its foreign holdings.

Also on rt.com Five countries with the world’s biggest gold reserves

Over the past five years, the purchases of the precious metal hovered around 200 tons annually with the regulator planning to keep the rate in the near future. Russia is currently the world’s fifth biggest holder of gold, and is on pace to overtake France and Italy within a year.

At the same time, Russia has dramatically reduced its holdings of US securities. Last year, the central bank dumped $81 billion of US Treasuries during April and May. The figure is close to the current value of the entire Russian gold reserves whose worth amounts to about $90 billion. The share of US dollars in Russia’s foreign reserves fell from 46 percent to 22 percent in 2018, according to data compiled by the Bank of America Merrill Lynch.

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.

Podcasts