Russia’s gold & foreign currency reserves surge by over $3 BILLION in one week

Russia’s foreign exchange holdings have risen for the second consecutive week to reach $587.6 billion, according to the latest data released by the country’s central bank.

The holdings rose by $3.6 billion, or 0.62 percent, from October 30 to November 6. The growth was supported by “positive exchange rate revaluation and higher gold prices,” according to the regulator.

The country's international reserves are highly liquid foreign assets comprising stocks of monetary gold, foreign currencies, and Special Drawing Right (SDR) assets, which are at the disposal of the Central Bank of Russia and the government. The holdings have surpassed the target level of $500 billion set by the regulator in June 2019 and remained above the threshold ever since.

Despite the impact of the coronavirus pandemic on the country's economy, forcing the government to increase spending to support businesses and households, Russia has continued to boost its gold and foreign currency reserves this year.

The assets have increased by $31.6 billion over the past ten months, though the pace of growth has slowed since 2019. According to the bank’s statistics, Russia added over $65 billion to its forex reserves in January-November last year.

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